Washington, D.C. - The Securities and Exchange Commission is asking the public for feedback on its plans for incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers.
In the first of two notices (Release Nos. 33-9133), the SEC requested public comment on behalf of the staff on three topics: U.S. investors' current knowledge of IFRS and preparedness for incorporation of IFRS into reporting 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.
In a second notice (Release Nos. 33-9134), the SEC requested comment on three other topics: 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 reporting purposes.
The SEC has posted its current work plan for the consideration of incorporating IFRS into the U.S. financial reporting system on its Web site, www.sec.gov, which also accepts comments on the workplan.
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