Forty percent of CEOs surveyed by Grant Thornton agree with the Securities and Exchange Commission's decision to allow foreign firms listed on U.S. exchanges to file financial statements in accordance with International Financial Reporting Standards, without reconciling them to U.S. generally accepted accounting principles.

The New York State Society of CPAs plans to hold a conference next month on international accounting standards.

Testifying before the Senate Committee on Banking, Housing and Urban Affairs about the financial industry bailout package, Federal Reserve Chairman Ben Bernanke defended fair value accounting, but recommended that banks should be able to sell their assets at the "hold-to-maturity" value to the federal government.

Below is a reproduction of the main portion of the opening page of a Web site that I visit quite often.

The Treasury Department has expanded its financial bailout program to $700 billion in an effort to relieve banks and other financial institutions of their troubled mortgage assets.

The American Bar Association is urging the Financial Accounting Standards Board to delay implementing a proposed standard for loss contingencies arising from business combinations, warning of harmful, unintended consequences.

The Private Company Financial Reporting Committee held a meeting to discuss whether International Financial Reporting Standards should apply to private companies in the U.S., along with other matters.