The so-called lazy, hazy days of summer are upon us. But for company executives and regulators who oversee our economic and financial terrain, there's little time to stretch and relax. The intensifying debate over the national debt, debt limits and federal and state tax policy continues to embroil our political and business leaders.
Not to mention tension surrounding the building momentum of the coming election year and the accompanying politics surrounding decision-making.
These are not easy issues, and we understand and support our elected officials as they struggle to achieve outcomes that can serve to put our nation back on firm financial footing.
So, though summer, it is certainly not a time of relaxation or repose for leadership or staff here at FEI, either. For one, we're closely following developments regarding the potential U.S. adoption of International Financial Reporting Standards and the activities of the U.S. Securities and Exchange Commission, Financial Accounting Standards Board and International Accounting Standards Board.
As I write this, we're still awaiting definitive recommendations from the SEC and while the commission has yet to make a decision as to whether--and if so, how and when--to incorporate IFRS into the U.S. financial reporting system, SEC staffers are continually seeking input and views from various constituents. To this end, some key meetings were scheduled over the summer, so additional news may be forthcoming after publication.
FEI is also waiting as more of the regulatory language of the Dodd-Frank Act passes into reality, as some elected officials work to extend some of the law's provisions since it has been seemingly impossible for regulators to complete the rule-writing within the time specified by the act. The Dodd-Frank Wall Street Reform and Consumer Protection Act was passed last July.
FEI will be keeping busy throughout the summer and into the fall, focusing on issues of most serious import to our senior-level financial executive community.
For instance, we're...