Statement of Timothy Flynn, Chairman of KPMG International, Regarding SEC Discussion...

Statement of Timothy Flynn, Chairman of KPMG International, Regarding SEC
Discussion of Proposed Guidelines for U.S. Companies Transitioning to IFRS

NEW YORK, Aug. 27 /PRNewswire/ -- Today's discussion by the SEC is a very
welcome step. In a world where markets are becoming borderless, a global
accounting standard like IFRS will provide a common language for investors.
We know that the transition to IFRS in the United States will be
challenging. It will involve training and education for every stakeholder in
the capital markets. KPMG already is using the considerable global IFRS
experience of our professionals in the U.S. and KPMG's member firms, to assist
U.S. clients, academics and investors as they begin the journey to global
accounting standards.
We look forward to additional SEC action on this important issue and to
participating actively in the transition to IFRS in the United States.
EDITORS: On Thursday, Aug. 28, 2008, at 11 AM, the KPMG IFRS Institute
will hold a webcast (www.kpmgifrsinstitute.com) for interested stakeholders to
discuss today's SEC action.
The KPMG IFRS Institute was formed by the audit, tax and advisory firm
KPMG LLP, the U.S. member firm of KPMG International, to provide an open forum
for the exchange of leading practices regarding International Financial
Reporting Standards.
Contact: Dan Ginsburg/Robert Wade
KPMG LLP
201-307-8270/201-307-7482

SOURCE KPMG International

Dan Ginsburg, +1-201-307-8270, or Robert Wade, +1-201-307-7482, both of KPMG
LLP