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Dear Colleagues,

Things are in motion.

The SEC will accept IFRS statements for a listing in the US. In the future, a non-US company will no longer have to convert its statements to US GAAP. This might be a breakthrough for IFRS to become the world wide standard – if the project “IFRS for small and mid-sized enterprises” comes to a good, practical solution in the end.

The EU Commission has published the results of a “consultation” about rules to limit auditors’ liability. The EU Commission sees the risk that with unlimited – and often not fully insurable – liability, even a Big Four member might not survive the next big “case” (which will surely come about).

This risk is also being seen in the U.S. The discussion might result in an EU-wide legal limitation of auditors’ liabilities. Such legislation in the long run could have influence on legislators world wide. Vice versa, this could influence the politics of international groups like ours in the network / association decision.

New networks are being formed world wide, and other international groupings see increasing pressures and are seeking mergers.

The AGN Board will convene for two days immediately before the Amsterdam World Congress to cross-check the AGN strategic plan, which was last updated in April 2004. The basic question is if AGN should pursue a more active role in the consolidation to come with the new US and EU Network / Association regulations.

I will give you an update on this during the World Congress. I cordially invite all of you to join our Dutch colleagues on our biggest annual event from September 30 until October 2.

With the best regards

Horst Schaffer
Chair, AGN International
Schaffer & Partner
Nuremberg, Germany

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