Held in New York City on December 6, 2007, the NASBA CPT co-sponsored this event with the Baruch College Zicklin Center for Corporate Integrity.
High profile speakers, such as SEC Deputy Chief Accountant Zoe-Vanna Palmrose and Chief Auditor of the PCAOB and Director of Professional Standards Thomas Ray, provided a forum for interaction between business, public accounting, academics and policy setters.
Palmrose reported 110 private issuers currently registered with the SEC use International Financial Reporting Standards (IFRS). In response to the SEC’s concept release about giving US domestic issuers the same option that foreign private issuers now have, to use either IFRS or US GAAP in their SEC filings, 78 comments were received, she reported. More public feedback was to be collected during the December 13 and 15 roundtables held by the SEC on the subject. The Commission is particularly interested in feedback on training in IFRS, Palmrose said.
Ray outlined the guidance for smaller companies that the PCAOB had out for comment until December 17, 2007.
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