From: Carlson, Paul

To: DASACC Everyone

CC: Castillo, Carlos; Peterson, Doni

Sent: Fri 9/18/2009 8:43 AM

Subject: Financial Reporting

The following message has come to me from the AICPA.  While the transition to international standards is currently only affecting public companies, my sources at the GASB say that governmental standards will soon follow the FASB.  While this will not happen this year or next year, it is not too far away, so be aware of the implication of future changes.

SEC wants to speed transition to IFRS
The Securities and Exchange Commission is planning to try to help companies make a more rapid transition to International Financial Reporting Standards. The need for the new accounting system, which would be the sole international standard, is agreed to in principle by most companies, but they are concerned about how to make the transition. The SEC is going to focus on the "road map" for IFRS that it has prepared in order to help companies make the change.

Paul Carlson

State Accounting Administrator