SEC Examines Performance Of IFRS And GAAP During Subprime Crisis

by Mike Godfrey, for LawAndTax-News.com, Washington

29 July 2008

The US Securities and Exchange Commission (SEC) announced on Monday that it will host a roundtable on 4th August to analyze the performance of International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP) during the recent period of market turmoil.

"This roundtable will provide the Commission with valuable insights from investors, issuers, auditors, and others about the way that both IFRS and US GAAP performed in the context of the current pressures on the marketplace," explained SEC Chairman Christopher Cox, going on to add:

"We are particularly interested in how the two sets of standards dealt with the key accounting issues in the subprime crisis, including off-balance sheet entities and fair value."

The SEC's roundtable will consist of two panels that will include investors, issuers, auditors, and various other parties with experience in financial reporting.

Additionally, representatives from the Financial Accounting Standards Board and the International Accounting Standards Board will be present as observers.

The roundtable will be held in the auditorium at the SEC's headquarters in Washington, D.C.

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