Marie Leone, CFO.com | US
January 30, 2009

GNAIE Says SEC Should Hold Off Signing Monitoring Group MOU

In a letter to the SEC today GNAIE Executive Chair asked the SEC to hold of signing the Memorandum of Understanding until comment letters from constituents were received. Until all the organizations on the proposed monitoring group sign the agreement, it does not go into effect. In the letter hes said that "GNAIE asks that you consider a thorough review of the recommended Memorandum
of Understanding (?the MOU?) proposed by the International Accounting Standards Committee
Foundation (IASCF) Trustees for the creation of a Monitoring Group. While we support many of the
principles in the document, similar questions of independence, review, and enforcement are part of the
responses you will receive from your constituents in their Roadmap comment letters. The timing of
signing the MOU by February 1, 2009 is an extension of a series of deadlines that assumed the SEC was
going to adopt a Roadmap by year-end 2008. It is not a reasonable deadline for the current status of the
Roadmap.
The concept of a Monitoring Group has been on the table for a while. It will only be a better document if
the SEC carefully considers it before it is approved by the SEC."

Posted by DOUGLAS BARNERT | Jan 30, 2009 4:10 PM ET