The attached issue of Heads Up summarizes the Securites and Exchange Commission's proposed rule to drop its U.S. Generally Accepted Accounting Principles reconciliation requirement for foreign private issuers that prepare financial statements in accordance with International Financial Reporting Standards.

Heads Up, published by the National Office Accounting Standards and Communications Group of Deloitte & Touche LLP, provides in-depth summaries of recent accounting and financial reporting developments. This newsletter is published periodically as developments warrant, and is intended for a general audience of financial professionals, including chiref financial officers, controllers and internal audit and accounting professionals.

Questions, comments or suggestions concerning Heads Up should be directed to the Accounting Standards and Communications Group mailbox. We welcome and encourage your feedback.

View past issues of Heads Up.