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SEC Publishes IFRS Proposal

November 22, 2008

On November 14, the SEC published its proposed roadmap outlining key activities that need to be completed before the SEC decides whether to require the adoption of IFRS for US filers. Its not a date certain for adoption but at least a step in the right direction. The SEC now aknowledges the IFRS has the potential to be one global standard that filers can report under and investors can utilize to analyze investments.

The SEC will evaluate progress against seven milestones in 2011. At that time, it will decide whether to require mandatory use of IFRS as issued by the IASB, beginning in 2014. The proposed roadmap also seeks feedback on whether or not the SEC should stagger mandatory adoption based on market capitalization, with large accelerated filers required to file using IFRS in 2014, accelerated filers in 2015 and non-accelerated filers in 2016.

Now is your opportunity to comment on the SEC’c proposal. The comment period is the next 90 days. Comments can be made online at http://www.sec.gov/rules/proposed.shtml, emailed to rule-comments@sec.gov (reference File Number S7-27-08), posted on the federal rulemaking ePortal at http://www.regulations.gov or mailed to Florence E. Harmon, Acting Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. All submissions should refer to File Number S7-27-08

The SEC proposal can be found at http://www.sec.gov/rules/proposed/2008/33-8982.pdf

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