Our committee meeting is from 8:30 a.m. to 10:30 a.m. on Sunday, August 10 in the Majestic Room, Conference Level at the Grand Hyatt. Some of the expected topics include:

• FASB Proposed Disclosure Standards for Loss
  Contingencies – Update on the comment letters submitted in response to this proposal, the proposed roundtable and other developments.
• U.S. Treasury Advisory Committee on the Auditing Profession – Report on the work of this Committee, which was established to examine the "sustainability of a strong and vibrant auditing profession."
• U.S. Treasury Blueprint for Modernized Financial Regulatory Structure – Possible impact of Secretary Paulson's proposed restructuring on the US capital markets and regulatory bodies.
• PCAOB – Gordon Seymour will discuss current initiatives, such as the proposed auditing standard on engagement quality review, new reporting rules for accounting firms, and cooperation with foreign accounting regulators.
• Housekeeping
  • Liaisons with other committees
  • Outreach efforts

"The SEC's Advisory Committee on Improvements to Financial Reporting and Other Financial Reporting Developments" –2:30 p.m. to 4:30 p.m. on Sunday, August 10, in the Imperial Room, Conference Level, at the Grand Hyatt –co-sponsored with the Committee on Federal Regulation of Securities. Panelists will include Linda Griggs, a partner in Morgan, Lewis & Bockius LLP and a member of the Advisory Committee; David Sidwell, former Chief Financial Officer of Morgan Stanley and a member of the Advisory Committee; Joe Ucuzoglu, National Office Partner of Deloitte & Touche LLP and former Chief Adviser to the Chief Accountant of the SEC; and John White, Director of the Division of Corporation Finance of the SEC. The panel will discuss the work of the Advisory Committee and its final report and recommendations, which are expected to be released in August, and the response of the SEC to the recommendations. The panel will also discuss current "hot topics" in financial reporting, particularly fair value accounting under FAS 157.

We are planning an informal dinner for members of the Committee on the evening of Sunday, August 10, at a restaurant near the hotel. If you would like to attend, please let one of us know.

• SEC Rulemaking File S7-11-08, "Interactive Data to Improve Financial Reporting" –We are participating with the Federal Regulation of Securities Committee in the preparation of a comment letter on the SEC’s XBRL proposal. Comment letters are due on August 1, 2008.
• FASB File Reference No. 1025-300, "Proposed Statement of Financial Accounting Standards –Disclosure of Loss Contingencies." We are participating with the ABA Task Force on the Attorney-Client Privilege in the drafting of a comment letter. Comment letters are doing on August 8, 2008.

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