SEC/CORPORATE SEC Commissioner Piwowar Speaks at Current Financial Reporting Issues Conference -

On November 16, Securities and Exchange Commissioner Michael Piwowar addressed the 34th Annual Current Financial Reporting Issues Conference in New York to share his views on the current and future state of financial reporting. Commissioner Piwowar focused his remarks on three areas: (1) the future role of international financial reporting standards (IFRS) for financial statements filed with the Securities and Exchange Commission; (2) improving the quality of interactive data filed in reports with the SEC; and (3) the SEC’s efforts to improve corporate disclosures and his personal concerns that special interests have “corrupted the disclosure process to the detriment of investors.”

Future Role of IFRS -

In addressing the role of IFRS, Commissioner Piwowar noted concerns expressed to him about the United States’

commitment to adopting a single set of high quality global accounting standards and steps taken by the Financial

Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) in furtherance of

such standards. Commissioner Piwowar noted that, while there is little to no support for the SEC to either

mandate IFRS reporting for all issuers or provide for optional IFRS reporting for domestic issuers, “there is

continued support for a single set of high-quality, globally accepted accounting standards.”