FOR IMMEDIATE RELEASE                                     2000-11

SEC Approves Concept Release on International Accounting Standards

     Washington, DC, February 16, 2000 -- The Securities and
Exchange Commission today unanimously approved and issued for
public comment a concept release regarding the use of international
accounting standards.  The release seeks feedback from domestic and
foreign parties regarding both acceptance of International
Accounting Standards Committee standards and the broader issue of
shaping a global financial structure for increasingly globalized
capital markets.

     The release solicits comment regarding the quality of the IASC
standards and raises questions regarding what supporting
infrastructure is necessary in an environment where issuers and
auditors often are multinational organizations, providing financial
information in many countries.

     The release seeks to identify what important concerns would be
raised by acceptance of IASC standards; and then asks for comment
on whether the Commission should modify its current requirement for
all financial statements to be reconciled to U.S. GAAP.

     The release emphasizes a desire to gain knowledge of
respondents' first hand experience with IASC standards.  In
particular, it asks about experiences that (a) issuers have had
with applying IASC standards when preparing financial statements;
(b) public accountants have had with auditing the application of
IASC standards; and (c) investors have had with using financial
statements prepared using IASC standards.

     A 90-day public comment period will commence upon publication
of the release in the Federal Register.

     A detailed fact sheet and statement by Chairman Arthur Levitt
are also available.

                              #  #  #