- The document summarizes recent developments in International Financial Reporting Standards (IFRS), including delays in convergence projects between the IASB and FASB, new standards and pronouncements issued, and differences in IFRS adoption across countries. - Key countries' approaches to adopting IFRS for statutory versus listed company filings are reviewed, with most requiring IFRS for consolidated listed company filings but maintaining local GAAP for statutory filings. - Oversight of the IASB and concerns about independence are discussed, as well as recommendations for the SEC as it considers a potential future adoption of IFRS in the US.

1. Latest Developments in IFRS 4 th Annual Hot Topics Seminar October 4, 2011 Stephen G. Austin, CPA, MBA Firm Managing Partner Swenson Advisors, LLP

7. Overview of Convergence Process

11. Subsequent Series of Progress and Work Plan Reports

12. 2010-2011 New Pronouncements and Updates

16. New IFRS for SMEs September 2011

17. Overview of the New Revenue Recognition Model

20. Expanded Footnote Disclosures

40. Personal Experience in 2011 Teaching IFRS to the Chinese at the MBA Level at Shanghai University of Finance and Economics

44. Thank You Stephen G. Austin, MBA, CPA [email_address] www.SwensonAdvisors.com www.swentrack.com www.swensonforensic.com