FEI Asks SEC To Extend Comment Period On Proposed IFRS Roadmap

Jan. 23, 2009

FEI Summary

On Jan. 23, 2009 FEI sent a comment letter to the U.S. Securities and Exchange Commission, formally requesting the SEC to consider extending the comment period on its proposed “Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards” (the “IFRS Roadmap”). FEI’s request asks the SEC to consider a formal extension of the comment period - currently slated to close on February 19 - by an additional 45 days.

The letter, signed by Christine DiFabio, FEI’s vice president, Technical Activities, states:

The Roadmap is a critical document which requires significant focus and attention to ensure the proper and complete analysis of all of the issues. The potential transition to International Financial Reporting Standards is much more extensive than simply an adoption of new accounting and reporting standards, but represents a transformation impacting a company’s entire organization and must be considered carefully.

Our membership as well as our technical committees are mindful of the importance of this proposal and want to provide as thorough and constructive an analysis as possible to assist the SEC in their decision making in this area. Many, if not most of our FEI member companies are calendar year registrants, and are thus in the midst of finalizing their 2009 10-K filings. With a reporting season that is uniquely challenges by the economic crisis, companies are finding it difficult to dedicate the necessary time and analysis to the questions asked in the Roadmap, while focusing on continuing to provide accurate and transparent information to their shareholders in this difficult time. FEI believes that an extended comment period will significantly increase the number and level of detail of the responses provided for such a significant proposal.

For further details, read the FEI comment letter.