Commission Statement in Support of Convergence and Global Accounting Standards

The Securities and Exchange Commission (the "Commission') is publishing this statement to provide an update regarding its consideration of global accounting standards, including its continued support for the convergence of U.S. Generally Accepted Accounting Principles ("U.S. GAAP') and International Financial Reporting Standards ("IFRS') and the implications of convergence with respect to the Commission's ongoing consideration of incorporating IFRS into the financial reporting system for U.S. issuers.