On August 12th, the SEC requested comment on behalf of the staff on topics related to its ongoing consideration of incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers. SEC Release No. 33-9133 seeks comment on: U.S. investors' current knowledge of IFRS and preparedness for incorporation of IFRS into the financial reporting system for U.S. issuers; how investors educate themselves on changes in accounting standards and the timeliness of such education; and the extent of, logistics for, and estimated time necessary to undertake changes to improve investor understanding of IFRS; and the related education process to ensure investors have a sufficient understanding of IFRS prior to potential incorporation. SEC Release No. 33-9134 seeks comment on: issuers' compliance with contractual arrangements that require the use of U.S. GAAP; issuers' compliance with corporate governance requirements; and the application of certain legal standards tied to amounts determined for financial reporting purposes. Comments should be submitted on or before October 18, 2010.
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SEC seeks comment on IFRS issues
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