(Reference: AICPA International Practices Task Force - November 4, 1999 meeting)

OBJECTIVE:

To provide advice and assistance to the SEC and the accounting profession on financial reporting matters and auditing issues applicable to non-US entities entering the US capital markets with particular focus on those entities that register with the US SEC . The Task Force also provides a vehicle for the SEC staff to communicate its views on foreign registrants matters including those pertaining to accounting, auditing and auditor independence issues and other emerging issues to the profession in a timely , retrievable and organized manner.

RESPONSIBILITIES:

The International Practices Task Force reports to the AICPA SEC Regulations Committee and liaisons with other AICPA committees that deal with international matters affecting accountants and auditors. It is responsible for drafting responses on behalf of the AICPA to SEC proposals on matters impacting foreign registrants, including technical issues involving financial statement filings and recommending whether the AICPA should respond to other policies proposed by the SEC with respect to foreign registrants . A further responsibility is to bring to the attention of the SEC staff/others issues and suggestions for improving and expediting filings by foreign registrants with respect to financial accounting issues( including issues that come to its attention relative to IAS matters) and financial statement form and content matters. The Task Force will also provide guidance to AICPA members in applying and interpreting the SEC rules on financial reporting matters unique to foreign registrants and other accounting and auditor issues that apply to non US companies entering the US capital markets.