The Commission will consider whether to propose a Roadmap for the potential use by US issuers for purposes of their filings with the Commission of financial statements prepared in accordance with International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board. As part of the Roadmap, the Commission will also consider whether to propose amendments to various rules and forms that would permit early use of IFRS by a limited number of US issuers.

4-5 September 2008, London

Thursday 4 September 2008 (10:00-17:30)

• Introduction
• IFRIC D23 Distributions of Non-cash Assets to Owners
• IFRIC D24 Customer Contributions
• Review of Tentative Agenda Decisions published in July IFRIC Update
  • Time pattern of the user's benefit
  • Accounting for trailing commissions
  • Transaction costs to be deducted from equity

Friday 5 September 2008 (9:00-Noon)

• Staff Recommendations for Tentative Agenda Decision
  • Customer-related intangible assets
  • Restricted securities
  • Application to prepaid employer's contribution reserve
• Regulatory Assets and Liabilities
• Administrative Session
  • IFRIC work in progress

We hold, first, that the Act does not encroach upon the Appointment power because, in view of the [Securities and Exchange] Commission's comprehensive control of the [Public Company Accounting Oversight] Board, Board members are subject to direction and supervision of the Commission and thus are inferior officers not required to be appointed by the President. Second, we hold that the for-cause limitations on the Commission's power to remove Board members and the President's power to remove Commissioners do not strip the President of sufficient power to influence the Board and thus do not contravene separation of powers, as that principle embraces independent agencies like the Commission and their exercise of broad authority over their subordinates. Accordingly, we affirm the grant of summary judgment to the Board and the United States.

On 14 May 2008, the US Securities and Exchange Commission proposed that all registrants be required to file their data with the SEC in XBRL (interactive data) format. XBRL reporting would be required for registrants using either US GAAP or IFRSs. The transition would take three years starting in 2008. There's more information in our News Story of 16 May 2008. A few days later, the Commission proposed that more than 8,000 mutual funds trading in the US would also be required to file XBRL date (see our News Story of 26 May 2008).

We put out a concept release on this last August, and held two roundtables in December, at which we received a great deal of very thoughtful input. Back in February, Chairman Cox asked that Corp Fin and the Office of the Chief Accountant formally propose to the Commission a 'roadmap' laying out a schedule, with appropriate milestones on which the schedule will be conditioned, for continuing the US's progress in moving to accept IFRS in this country. We have a large team actively working on this project, and even held another roundtable on the topic last Monday, August 4, at which we received yet more helpful information from members of the public. So hopefully we will be prepared to make a recommendation soon. But as always, remember my disclaimer.

In anticipating all of this, I would suggest that you keep the following in mind:

• We are headed toward a single set of high quality, globally accepted accounting standards – there is general agreement that having a single set of high quality, globally accepted accounting standards will benefit the capital markets generally including investors, as financial statements of global issuers become more comparable on a cross-border basis.
• The choices are US GAAP and IFRS.
• Over 100 countries require or accept IFRS.
• So, IFRS is where the future is (not US GAAP).