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Update on the SEC’s Roadmap to IFRS

October 16, 2009

We are still waiting for the SEC to make its decision on the IFRS Roadmap. Thankfully they are beginning to indicate that they are focused on high quality global accounting standards again. Recent comments were made by Chairman Shapiro at the IOSCO Technical Committee Conference in Basel Switzerland on October 8, 2009:

“The crisis has highlighted importance of implementing and enforcing high quality and consistent accounting standards around the world. The SEC has of course played a leadership role in fostering this ideal and I remain committed to the goal of a global set of high-quality accounting standards. I also believe that there are issues that will be critical to address as we at the SEC consider the input we have received on last year’s proposed roadmap on the role of international standards in the U.S. It is with the principles and ideas I just outlined in mind that I am committed to focusing our efforts this fall to following up with a work plan that expands upon the concepts proposed in the roadmap.

The entire text of her speech is at: http://www.sec.gov/news/speech/2009/spch100809mls.htm

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