News Briefs

07/25/2007

SEC open meeting- July 25

By Cydney Posner

At an open meeting this morning, the SEC approved PCAOB Auditing Standard No. 5 regarding audits of internal control over financial reporting, adopted rule amendments to Exchange Act Rule 12b-2 and Rule 1-02 of Reg S-X to define the term "significant deficiency," voted to solicit public comment on the role of International Financial Reporting Standards (IFRS) in the U.S. (i.e., whether U. S. public companies should be permitted to publish their financial statements using IFRS), and voted to propose amendments to the proxy rules regarding shareholder proposals, disclosure about shareholder proponents, shareholder communications and related matters.

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