SEC Votes to Release Roadmap for Adoption of IFRS

August 27, 2008

FEI Summary

In an open commission meeting today, the U.S. Securities and Exchange Commission (SEC) voted unanimously to issue for comment a proposed roadmap for the potential use by U.S. issuers, for purposes of their filings with the SEC of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The SEC also considered three issues related to foreign private issuers at today’s meeting.

Financial Executives International (FEI) issued a related statement today. See FEI Statement on SEC IFRS Roadmap.

Further details on the SEC meeting can be found in this FEI summary.

Additional links:

SEC press release on IFRS Roadmap

SEC press release on amendments to rules for Foreign Private Issuers, Cross Border Business Combinations

Opening remarks  of Chairman Cox

Opening remarks of Commissioner Walter

Opening remarks of SEC Chief Accountant, Director of Division of Corporation Finance, Director of Office of International Corporation Finance

Other summaries from:

KPMG

Prepared Aug. 27, 2008 by Christine DiFabio, Vice President, Technical Activities, Financial Executives International (FEI). This summary does not represent FEI opinion unless specifically stated above.