International Financial Reporting Standards: An Examination of the SEC's Proposed Conversion Roadmap

WHEN

  • January 14, 2009 1:00 PM - 2:00 PM

WHERE

  • Online (Webcast)

DESCRIPTION

Recent events suggest U.S. adoption of the International Financial Reporting Standards (IFRS) is likely. The SEC’s November 14, 2008, publication of its “Roadmap for the Potential Use of Financial Statements Prepared in Accordance with IFRS by U.S. Issuers” reaffirmed support for a single set of global accounting standards. At about the same time, leaders from the G20 countries attending a financial summit in the U.S. issued a statement confirming their support for a single set of global accounting standards. However, there are those who oppose a U.S. conversion to IFRS, and the current economic crisis may slow or even block progress.

This program will highlight the SEC’s IFRS conversion roadmap and what it will mean for lawyers who advise U.S. clients on financial reporting and securities litigation before the public comment period closes on February 19.

  • The history of the IFRS conversion efforts here in the U.S.
  • An overview of the SEC’s proposed conversion roadmap, and the practical short term ramifications for financial reporting
  • An introduction to IFRS and the IASB and how it differs from the current accounting standard setting process here in the U.S.
  • The pros and cons to the adoption of IFRS in the U.S. - - at least as articulated in the long running public debate on this subject
  • The key differences between GAAP and IFRS, and how those differences might play out in financial reporting practices, and in litigation about reporting issues.

Speakers:
Lisa C. Wood, Partner - Litigation Department, Foley Hoag LLP. Co-chair of the firm’s Accounting and Securities Litigation Practice Group.
Walter Ricciardi, Partner - Litigation Department, Paul, Weiss, Rifkind, Wharton & Garrison LLP. Formerly Deputy Director of the SEC’s Division of Enforcement.
Kieran Claffey, Partner, PricewaterhouseCoopers LLP. Currently with the firm’s national office to focus on major litigation and regulating related issues. 

COST: $135