June 29, 2012
The JOBS Act should require proper independent acoounting standards. Having startup companies be allowed to follow irresponsible non-independent accounting standards for their first five years is troubling and absolutely irresponsible. The Congress is showing their irresponsiblity by allowing this provision. All startups should be required to conform to proper and safe accounting standards for the benefit of their investors and customers.
Crowdfunding is speculative at worst so should be monitored and emerging companies should register and disclose key information to the SEC.
Read the article for yourself:
http://www.fool.com/investing/general/2012/06/27/the-jobs-act-opening-pandoras-box.aspx