H.R. 755, the Promoting Transparency in Financial Reporting Act of 2007, specifies that the testimony on efforts by the SEC, FASB and PCAOB is to include information on:

• Reassessing complex and outdated accounting standards;
• Improving the understandability, consistency, and overall usability of the existing accounting and auditing literature;
• Developing principles-based accounting standards;
• Encouraging the use and acceptance of interactive data;
• Promoting disclosures in “plain English.”

"The goal of this bipartisan bill is to hold federal agencies, as well as Congress, more accountable for making swift progress in reducing the complexity and costs of financial reporting for businesses and increasing transparency for investors," said Rep. Geoff Davis, who sponsored the bill. "... H.R. 755 will encourage and measure efforts to reduce the costs and complexity of financial reporting."

Rep. Davis introduced H.R. 755 on Jan. 31, 2007. During the 109th Congress the House unanimously passed H.R. 5024, the Promoting Transparency in Financial Reporting Act of 2006. However, the bill was not acted on by the Senate before adjournment.

Unanimously passed by a 412-0 vote, H.R. 755 is now ready for consideration by the Senate.