FOR IMMEDIATE RELEASE 99-152 Statement of SEC Chief Accountant Lynn E. Turner on IASC Board Decision to Support Restructuring Plan Washington, DC, November 17, 1999 -- Securities and Exchange Commission Chief Accountant Lynn E. Turner today issued the following statement regarding the decision by the Board of the International Accounting Standards Committee to support the restructuring plan proposed by its executive committee: The IASC has taken an important step by supporting an approach that focuses on the public interest, especially the interests of investors in capital markets, as the linchpin for its restructuring. Both the Strategy Working Party and the Board have worked hard to understand and evaluate the many views offered about the IASC's future structure and have sought to best position the IASC to be the international focal point for the development and convergence of accounting standards to meet the needs of global capital markets. This proposal balances calls for a structure based upon geographic representativeness and those based on technical competence and independence. The proposal recognizes the need for Board members to be selected based on expertise, so that the Board can have the best possible combination of technical skills and relevant experience. Representativeness would be provided by the geographic distribution of the Trustees, who are essential to ensuring the effectiveness and independence of the Board. Ultimately, final acceptance of the restructured IASC will depend on the selection of high quality Trustees and Board members. However, I believe this structure represents the best opportunity to realize that goal. I am enthusiastic about this approach and look forward to working to support adoption and implementation of this revised structure. # # #