I think there are a number of policy issues that need to be the subject of public discussion and input. Among the more interesting questions are:

• Should US companies be permitted to prepare their financial statements using IFRS for purposes of their SEC filings?
• Should US companies be required to prepare their financial statements using IFRS?
• And for both of those questions:
  • Should only some subset of US companies be permitted, or required, to use IFRS, or should any movement to IFRS be available or required of all companies?
  • And, if it is desirable to have only a subset go first, then how should that subset be defined?
  • What kind of timeframe and what kind of transition procedures should be involved for either permissive or universal use of IFRS for US companies?
• And, let us not overlook, what is the SEC's role in answering these questions?
• More generally, I think it is also a fair question to ask: why is the Commission even considering allowing, much less requiring, US companies to use IFRS?

FASB Developments

• FASB Eliminates Inconsistencies in Financial Guarantee Insurance Contracts
• FASB Issues Statement Establishing GAAP Hierarchy
• FASB Tightens Convertible Debt Accounting for Issuers
• FASB Issues FSP on Consolidation and Equity Method Guidance for Not-for-Profit Organizations
• FASB and IASB Issue Two Conceptual Framework Documents
• FASB Proposes FSP on Credit Derivative and Guarantee Disclosures
• FASB Proposes FSP on Fair Value Accounting for Trading Inventory
• FASB Seeks Additional Comments on October 2006 Exposure Draft, Not-for-Profit Organizations: Mergers and Acquisitions
• FASB Authors Article About Fair Value
• Valuation Resource Group Discusses Four New Topics and Status of Prior Issues

• SEC Expands the Definition of Eligible Portfolio Companies Under the Investment Company Act of 1940
• SEC Proposes Rule on Interactive Data
• SEC Proposes Rule on Cross-Border Transactions
• SEC Publishes Small Entity Compliance Guide on Internet Availability of Proxy Materials
• SEC Financial Reporting Advisory Committee Releases Updated Progress Reports

• AICPA Recognizes IASB as Standard Setter
• AICPA Issues Two Proposed Redrafted Statements on Auditing Standards

• GASB Adds New Projects to Agenda

• IASB Issues Annual Improvements to International Standards
• IASB and FASB Issue Two Conceptual Framework Documents

• CAQ SEC Regulations Committee Meets With SEC Staff