|FOR IMMEDIATE RELEASE:||CONTACT: CHRISTI HARLAN|
|Friday, July 14, 2000||202-224-0894|
Sen. Rod Grams, chairman of the Subcommittee on Securities, has announced that the subcommittee will hold a hearing on adapting the 1930s' model for corporate financial reporting to accurately reflect the current state of technology and the economy.
"A global economy, an inflation-free environment and giant leaps in technology have all contributed to what we now call a `New Economy,' " Grams said. "Bricks and mortar have been replaced by intellectual property as the primary symbol for value in these new times.
"Not surprisingly, our historic financial reporting models are hard pressed to capture value and maintain their relevance in these changing times," Grams said. "Our hearing will help us focus on how to update our financial models to be more useful to the investing public."
Hearing on Financial Reporting in the 21st Century
10 a.m. Wednesday, July 19, 2000
Room 538 Dirksen Senate Building
Mr. Steve M. Samek
Mr. Robert K. Elliott, Partner
Professor Baruch Lev
Professor of Accounting and Finance
New York University
Peter J. Wallison
American Enterprise Institute
Michael R. Young
Willkie Farr & Gallagher