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OTHER RELEVANT DEVELOPMENTS Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers The United States SEC has invited comments on the potential use of IFRS by domestic issuers. Following are the questions to which they seek responses (kindly provided by David Albrecht, who is very vocal about why the US should NOT adopt IFRS). We do not support David's views, but provide the link in the interest of full disclosure and transparency and to foster productive discussion. The full text of the Proposed Roadmap can be accessed HERE. 1. Do commenters agree that U.S. investors, U.S. issuers and U.S. markets would benefit from the development and use of a single set of globally accepted accounting standards? Why or why not? What are commenters' views on the potential for IFRS as issued by the IASB as the single set of globally accepted accounting standards? 2. Do commenters agree that the milestones and considerations described in Section III.A. of this release ("Milestones to be Achieved Leading to the Use of IFRS by U.S. Issuers") comprise a framework through which the Commission can effectively evaluate whether IFRS financial statements should be used by U.S. issuers in their filings with the Commission? Are any of the proposed milestones not relevant to the Commission's evaluation? Are there any other milestones that the Commission should consider? 3. Do commenters agree with the timing presented by the milestones? Why or why not? In particular, do commenters agree that the Commission should make a determination in 2011 whether to require use of IFRS by U.S. issuers? Should the Commission make a determination earlier or later than 2011? Are there any other timing considerations that the Commission should take into account? View All..... Back to Top   International Federation of Accountants (IFAC) Recent Press Releases IFAC Welcomes New SME Reporting Standard as Important Step in Enhancing SME Financial Statements (New York/July 10, 2009) International Ethics Standards Board for Accountants Releases New Code; Clarifies Requirements and Strengthens Independence (New York/July 10, 2009) International Education Standards Board Seeks Comments on Proposed Strategy for 2010–2012 (New York/July 7, 2009) IPSASB Initiates Annual Improvements Program with Release of New Exposure Draft(New York/June 30, 2009) IFAC Applauds US Administration’s Support for Global Accounting Standards in US Financial Reform Proposal (New York/June 18, 2009)  IFAC Welcomes IOSCO Support of New Clarity ISAs and their Role in Building Investor Confidence (New York/June 11, 2009) more from IFAC... Back to Top   Accounting Standards for Small and Medium Entities (SMEs) Almost there! A near-final draft of the standard has been issued and is available on the IASB's website to subscribers of their eIFRS service. The name of the of the standard has once more been revised to International Financial Reporting Standard for Small and Medium-sized Entities. While the standard has been greatly simplified when compared to full IFRS, requirements still exist for Deferred Tax accounting and Defined Benefit pension accounting. All things being equal, the final standard should be issued within the next few weeks.  Back to Top   Useful Web Links Trinidad and Tobago Acronym Organization Weblink CBTT Central Bank of Trinidad and Tobago http://www.central-bank.org.tt/ ICATT Institute of Chartered Accountants of Trinidad and Tobago http://www.icatt.org/ TTSEC Trinidad and Tobago Securities and Exchange Commission http://www.ttsec.gov.tt/ TTSE The Trinidad and Tobago Stock Exchange http://www.stockex.co.tt/ Back to Top Other Caribbean Territories Acronym Organization Weblink BICA The Bahamas Institute of Chartered Accountants http://www.bica.bs/ CARICOM The Caribbean Community http://www.caricom.org/ ICAB (Barbados) Institute of Chartered Accountants of Barbados http://www.icab.bb/ ICAB (Belize) Institute of Chartered Accountants of Belize http://www.icab.bz/ ICAC Institute of Chartered Accountants of the Caribbean http://www.icac.org.jm/ ICAG Institute of Chartered Accountants of Guyana http://www.sdnp.org.gy/icag/ ICAJ Institute of Chartered Accountants of Jamaica http://www.icaj.org/ Back to Top Rest of the world Acronym Organization Weblink AICPA American Institute of Certified Public Accountants http://www.aicpa.com/ CGA CGA Canada http://www.cga-canada.org/ ECSAFA Eastern Central and Southern African Federation of Accountants http://www.ecsafa.org/ FASB Financial Accounting Standards board http://www.fasb.org/ IAS Plus IAS Plus http://www.iasplus.com/ IASB International Accounting Standards Board http://www.iasb.co.uk/ ICAEW The Institute of Chartered Accountants of England and Wales http://www.icaew.co.uk/ IFAC International Federation of Accountants http://www.ifac.org/ IOSCO International Organization of Securities Commissions http://www.iosco.org/ Sarbanes-Oxley Sarbanes Oxley http://www.sarbanes-oxley.com// United States SEC Securities and Exchange Commission (US) http://www.sec.gov/ Back to Top Britannica A terrific resource for background information on practically everything. 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