The Financial Accounting Foundation and the Financial Accounting Standards Board...

The Financial Accounting Foundation and the Financial Accounting Standards Board to Host High-Quality Global Accounting Standards: Issues and Implications for U.S. Financial Reporting

NORWALK, Conn.--(Business Wire)--
The Financial Accounting Foundation (FAF) and the Financial
Accounting Standards Board (FASB) today announced they will host a
forum entitled High-Quality Global Accounting Standards: Issues and
Implications for U.S. Financial Reporting. The event will take place
Monday, June 16, 2008, from 9 a.m. to 4 p.m., at Baruch College,
Vertical Campus, 55 Lexington Avenue, New York, NY.

The purpose of the forum is for the FAF and the FASB to open a
dialogue with constituents about whether and how to continue to move
the U.S. toward high-quality global accounting standards. Panelists
will include users of financial statements, representatives of small
and large companies both public and private, auditors, regulators,
educators, and others representing facets of the U.S. economy that
would be affected if there were a move from U.S. Generally Accepted
Accounting Principles (GAAP) to International Financial Reporting
Standards (IFRS).

As noted in their November 2007 response to the Securities and
Exchange Commission's (SEC) recent Concept Release on allowing U.S.
businesses to use IFRS, the FAF and the FASB believe investors would
be better served if all U.S. public companies used a common set of
internationally converged accounting standards, best accomplished by
moving U.S. public companies to an improved version of IFRS. The
letter recommended the creation of a transition plan or "blueprint"
for moving the U.S. toward a single set of high-quality, global
accounting standards.

"Since the signing of the 2002 Norwalk Agreement with the
International Accounting Standards Board (IASB), the FASB has worked
diligently with the IASB to improve and converge financial reporting
standards to give investors better, more comparable information.
However, while we are closer to the goal of a single set of
high-quality, global accounting standards, many challenging
issues--both domestically and internationally--remain to be addressed
and resolved," states FASB Chairman Robert Herz. "This forum is an
opportunity for panelists to share views and suggestions on whether
and, if so, how to transition the United States to IFRS."

Issues expected to be discussed include whether IFRS and U.S. GAAP
should ultimately converge and, if so, how and when; how to prepare
the U.S. for a possible shift to IFRS; issues of accounting education
and professional certification; regulatory and tax issues; potential
effects on reporting by private companies and not-for-profit entities;
and the future role of the FASB. A complete list of proposed topics is
available at www.fasb.org.

Due to limited space, individuals interested in observing the
panel must pre-register online to be admitted to the event. The Forum
will also be webcast live on www.fasb.org. To register, or for more
information, log on to www.fasb.org.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and
finances of both the Financial Accounting Standards Board (FASB) and
its counterpart for state and local government, the Governmental
Accounting Standards Board (GASB). The Foundation is also responsible
for selecting the members of both Boards and their respective Advisory
Councils.

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the
designated organization in the private sector for establishing
standards of financial accounting and reporting. Those standards
govern the preparation of financial reports and are officially
recognized as authoritative by the Securities and Exchange Commission
and the American Institute of Certified Public Accountants. Such
standards are essential to the efficient functioning of the economy
because investors, creditors, auditors, and others rely on credible,
transparent, and comparable financial information. For more
information about the FASB, visit our website at www.fasb.org.

Christine Klimek, 203-956-3459

Copyright Business Wire 2008