This client memo discusses the SEC's recent statement regarding International Financial Reporting Standards in which it (i) both re-affirms its continued belief that a single set of high quality globally accepted accounting standards is consistent with its mission and encourages the convergence of U.S. GAAP and IFRS and (ii) discusses its new Work Plan intended to help facilitate the SEC's decision on whether to incorporate IFRS into the U.S. financial reporting system for domestic issuers.