Chief Accountant's Remarks Regarding Financial Reporting

The Securities and Exchange Commission's Chief Accountant, Wesley Bricker, addressed attendees at a conference of the Institute of Management Accountants. Mr. Bricker commented on the global nature of the capital markets. He noted that "American investors are investing directly in the securities of foreign private issuers and companies based outside the United States and registered in non-U.S. jurisdictions. At the end of 2016, U.S. investors had invested $9.9 trillion (of which U.S. mutual funds had invested over $4.3 trillion, and U.S. pension funds had invested over $1.3 trillion) in equity and debt securities listed in non-U.S. jurisdictions." In light of the interconnectedness of global markets, Mr. Bricker emphasized the importance of collaboration among organizations involved in financial reporting and the significance of promoting high-quality financial reporting. Mr. Bricker commented on the importance of internal control over financial reporting, as well as on