TAILIEUCHUNG - Publication of Staff Accounting Bulletin.

The primary purpose of the board’s audit committee is to oversee the financial reporting process of a firm. The committee oversees a company’s audit process and internal accounting controls. In 1999, the Blue Ribbon Committee sponsored by the NYSE and NASDAQ made recommendations about the independence of audit committees. In response, the NYSE started requiring each firm to have an audit committee comprised solely of independent directors, while NASDAQ required only that independent directors comprise a majority of a firm’s audit committee. AMEX strongly recommended but did not require firms to have independent audit committees. By December 2003, all three stock markets started requiring each listed firm to have an. | SECURITIES AND EXCHANGE COMMISSION 17 CFR PART 211 Release No. SAB 107 Staff Accounting Bulletin No. 107 AGENCY Securities and Exchange Commission. ACTION Publication of Staff Accounting Bulletin. SUMMARY The interpretations in this staff accounting bulletin SAB express views of the staff regarding the interaction between Statement of Financial Accounting Standards Statement No. 123 revised 2004 Share-Based Payment Statement 123R or the Statement and certain Securities and Exchange Commission SEC rules and regulations and provide the staff s views regarding the valuation of share-based payment arrangements for public companies. In particular this SAB provides guidance related to share-based payment transactions with nonemployees the transition from nonpublic to public entity status valuation methods including assumptions such as expected volatility and expected term the accounting for certain redeemable financial instruments issued under share-based payment arrangements the classification of compensation expense non-GAAP financial measures first-time adoption of Statement 123R in an interim period capitalization of compensation cost related to share-based payment arrangements the accounting for income tax effects of share-based payment arrangements upon adoption of Statement 123R the modification of employee share options prior to adoption of Statement 123R and disclosures in Management s Discussion and Analysis MD A subsequent to adoption of Statement 123R. DATES March 29 2005 FOR FURTHER INFORMATION CONTACT Shan L. Benedict Chad A. Kokenge or Alison T. Spivey Office of the Chief Accountant 202 942-4400 or Craig Olinger Division of Corporation Finance 202 942-2960 Securities and Exchange Commission 450 Fifth Street NW Washington DC 20549-1103. SUPPLEMENTARY INFORMATION The statements in staff accounting bulletins are not rules or interpretations of the Commission nor are they published as bearing the Commission s official approval. They represent interpretations .

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