On November 15, the Securities and Exchange Commission announced the approval of rule amendments permitting foreign private issuers to include in their U.S. filings financial statements prepared using International Financial Reporting Standards as issued by the International Accounting Standards Board without reconciliation to U.S. Generally Accepted Accounting Principles.

Chairman Cox also announced that the SEC will convene two roundtables in December to collect more feedback from the public on the issue of giving U.S. domestic issuers the same option that foreign issuers have in our markets to use either IFRS or GAAP.

The rule amendments will take effect 60 days after they are published in the Federal Register and apply to financial statements covering years ended after Nov. 15, 2007. The full text of the detailed release concerning the rule amendments will be posted to the SEC website as soon as possible.