The event will take place Monday, June 16, 2008, from 9 a.m. to 4 p.m., at Baruch College, Vertical Campus, 55 Lexington Avenue, New York, NY.

The purpose of the forum is to open a dialogue about whether and how to continue to move the U.S. toward global accounting standards. Panelists will include users of financial statements, representatives of small and large companies both public and private, auditors, regulators, educators, and others representing facets of the U.S. economy that would be affected if there were a move from Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS).

Issues expected to be discussed include whether IFRS and U.S. GAAP should ultimately converge and, if so, how and when; how to prepare the U.S. for a possible shift to IFRS; issues of accounting education and professional certification; regulatory and tax issues; potential effects on reporting by private companies and not-for-profit entities; and the future role of the FASB. A complete list of proposed topics is available at www.fasb.org.

FAF and FASB are proponents of a common set of internationally converged accounting standards. In a November 2007 letter to the Securities and Exchange Commission, they recommended the creation of a transition plan or “blueprint” for moving the U.S. toward a single set of standards.