SEC unveils guest list for IFRS and US GAAP summit

A round table which will put the performance of IFRS and US GAAP under the
microscope is set to kick off within the next few hours.

The Securities and Exchange Commission has convened the summit meeting to
determine whether the recent capital markets upheaval exposed any flaws in the
accounting rules.

round table
has been organised into two panels. Paul Boyle, the chief
executive of the Financial Reporting Council, will sit on the financial services
industry sector panel, which includes an Ernst & Young representative.

Envoys from Grant Thornton, KPMG and BP will be part of the second panel
discussing financial reporting in other industry sectors.

‘Expected panelists include investors, issuers, auditors, and others with
experience in considering or evaluating company financial statements that are
prepared in accordance with IFRS or US GAAP during these current times,’ the
SEC said.

Individuals from the Financial Accounting Standards Board and International
Accounting Standards Board will be present as observers, the SEC added.

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