SEC Votes to Publish Concept Release On IFRSs for U.S. Issuers

On July 25, 2007, the U.S. Securities and Exchange Commission (SEC) voted unanimously to publish a "Concept Release" to obtain information about the extent and nature of the public's interest in allowing U.S. issuers to prepare financial statements in accordance with International Financial Reporting Standards (IFRSs) for purposes of complying with the SEC's rules and regulations. Currently, U.S. issuers must prepare their financial statements in accordance with generally accepted accounting principles as used in the United States ("U.S. GAAP").