Document ID: SEC-2009-0176-0001
Agency: sec
Document Type: Proposed Rule
Title: Roadmap for Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers
Posted Date: 2009-02-09T05:00Z

[Federal Register: February 9, 2009 (Volume 74, Number 25)]
[Proposed Rules]               
[Page 6359]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09fe09-6]                         

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Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

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[[Page 6359]]

SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 210, 229, 230, 240, 244 and 249

[Release Nos. 33-9005; 34-59350; File No. S7-27-08]
RIN 3235-AJ93

 
Roadmap for the Potential Use of Financial Statements Prepared in 
Accordance With International Financial Reporting Standards by U.S. 
Issuers

AGENCY: Securities and Exchange Commission.

ACTION: Proposed rule; extension of comment period.

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SUMMARY: The Securities and Exchange Commission (``Commission'') is 
extending the comment period for a release proposing a Roadmap for the 
potential use of financial statements prepared in accordance with 
International Financial Reporting Standards (``IFRS'') as issued by the 
International Accounting Standards Board by U.S. issuers for purposes 
of their filings with the Commission and amendments to various 
regulations, rules and forms that would permit early use of IFRS by a 
limited number of U.S. issuers [Release No. 33-8982; 73 FR 70816 (Nov. 
21, 2008)]. The original comment period for Release No. 33-8982 is 
scheduled to end on February 19, 2009. The Commission is extending the 
time period in which to provide the Commission with comments on that 
release for 60 days until Monday, April 20, 2009. This action will 
allow interested persons additional time to analyze the issues and 
prepare their comments.

DATES: Comments should be received on or before April 20, 2009.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/proposed.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number S7-27-08 on the subject line; or
     Use the Federal Rulemaking ePortal (http://
www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number S7-27-08. The file number 
should be included on the subject line if e-mail is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
Internet Web site (http://www.sec.gov/rules/proposed/shtml). Comments 
also are available for public inspection and copying in the 
Commission's Public Reference Room, 100 F Street, NE., Washington, DC 
20549, on official business days between the hours of 10 a.m. and 3 
p.m. All comments received will be posted without change; we do not 
edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Craig Olinger, Deputy Chief 
Accountant, Division of Corporation Finance, at (202) 551-3400 or 
Michael D. Coco, Special Counsel, Office of International Corporate 
Finance, Division of Corporation Finance, at (202) 551-3450, or Liza 
McAndrew Moberg, Professional Accounting Fellow, Office of the Chief 
Accountant, at (202) 551-5300, U.S. Securities and Exchange Commission, 
100 F Street, NE., Washington, DC 20549-3628.

SUPPLEMENTARY INFORMATION: The Commission has requested comment on a 
release proposing a Roadmap and amendments relating to the use of IFRS 
by U.S. issuers. The proposed Roadmap sets forth milestones that, if 
achieved, could lead to the required use of IFRS by U.S. issuers by 
2014 if the Commission believes it to be in the public interest and for 
the protection of investors. The proposed amendments to various 
regulations, rules and forms would permit early use of IFRS by a 
limited number of U.S. issuers where this would enhance the 
comparability of financial information to investors. This release was 
published in the Federal Register on November 21, 2008.
    The Commission originally requested that comments on the release be 
received by February 19, 2009. The Commission has received requests for 
an extension of time for public comment on the proposed Roadmap and 
amendments to, among other things, improve the potential response rate 
and quality of responses,\1\ and believes that it would be appropriate 
to do so in order to give the public additional time to consider 
thoroughly the matters addressed by the release. Therefore, the 
Commission is extending the comment period for Release No. 33-8982 
``Roadmap for the Potential Use of Financial Statements Prepared in 
Accordance with International Financial Reporting Standards by U.S. 
Issuers'' for sixty days, to Monday, April 20, 2009.
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    \1\ See e.g., Northrop Grumman Corporation (Jan. 9, 2009), 
Raytheon Company (Jan. 12, 2009), Honeywell (Jan. 12, 2009), 
Aerospace Industries Association (Jan. 13, 2009), United 
Technologies Corporation (Jan. 19, 2009), and Financial Executives 
International (Jan. 23, 2009). Comments are available on the 
Commission's Internet Web site at http://www.sec.gov/comments/s7-27-
08/s72708.shtml.

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    By the Commission.

    Dated: February 3, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-2607 Filed 2-6-09; 8:45 am]

BILLING CODE 8011-01-P