COT Submits Letter to SEC on Tax Ramifications of IFRS

On August 2, 2010, COT submitted a letter to the Chief Counsel of the Office of the Chief Accountant at the U.S. Securities and Exchange Commission (SEC) regarding the potential U.S. tax ramifications of permitting U.S. issuers to utilize International Financial Reporting Standards (IFRS) as a basis for SEC financial reporting.