On December 5, 2011, at the AICPA National Conference on current SEC and PCAOB Developments in Washington DC the SEC Chief Accountant James Kroeker said that the SEC will need a few more months to produce their final report on International Financial Reporting Standards (IFRS). This report will provide the frame work on how the US will adopt IFRS. We will continue to keep you posted on any new developments with respect to IFRS.