Corporate And Financial Weekly Digest - May 30, 2008

Author position: Katten Muchin Rosenman LLP

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Extract

Corporate And Financial Weekly Digest - May 30, 2008

SEC/Corporate

Robert L. Kohl, Mark A. Conley, Palash I. Pandya & David

S. Kravitz

SEC Signs Protocols for Sharing Information on

IFRS

On May 23, the Securities and Exchange Commission announced

that it had signed protocols to share information on the

application of International Financial Reporting Standards

(IFRS) with financial regulators in Belgium, Bulgaria, Norway

and Portugal. The arrangements with regulators in the four

European countries are in line with the work plan previously

agreed to between the SEC and the EU Committee of European

Securities Regulators (CESR) and follow the recently signed

protocols with the UK Financial Reporting Council and the UK

Financial Service Authority. The protocols also follow the

final rules published by the SEC on December 21, 2007,

regarding the acceptance in SEC filings by foreign private

issuers of financial statements prepared in accordance with

IFRS as issued by the International Accounting Standards Board

without reconciliation to U.S. Generally Accepted Accounting

Principles. The protocols are based on a model protocol

developed between the SEC and CESR a...