FASB, SEC, IASB Update

Some news bytes happening around the globe in the world of financial and regulatory reporting:

FASB, IASB Seek Comment On Effective Dates, Transition For MOU Standards
Yesterday, the Financial Accounting Standards Board announced the release of a Discussion Paper (DP) seeking input from constituents on the effective dates and transition methods for the remaining standards to be issued under the Memorandum of Understanding between FASB and the International Accounting Standards Board on convergence. Concurrently, the IASB announced the release of a Request For Views (RFV) on the same topic. Comments on FASB's DP and IASB's RFV are due by Jan. 31, 2011.

IFRS Foundation Monitoring Board Meets Next Week in NYC
In other news, the IFRS Foundation (formerly called the International Accounting Standards Committee Foundation, or IASCF) which oversees the IASB, announced yesterday that a meeting of the IFRS Foundation Trustees and the IFRS Foundation Monitoring Board (a group of international regulators, including the U.S. SEC, and others), will meet on October 28 in New York City. The meeting will be held at the SEC's NY Regional Office.

As described on IASB's website here:

The IFRS Foundation is an independent, not-for-profit private sector organisation working in the public interest. Its principal objectives are:

•to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through its standard-setting body, the IASB;
•to promote the use and rigorous application of those standards;
•to take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs); and
•to bring about convergence of national accounting standards and IFRSs to high quality solutions.

The governance and oversight of the activities undertaken by the IFRS Foundation and its standard-setting body rests with its Trustees, who are also responsible for safeguarding the independence of the IASB and ensuring the financing of the organisation. The Trustees are publicly accountable to a Monitoring Board of public authorities.

SEC Proposes Rules On Say-On-Pay, Golden Parachutes
Earlier this week, the U.S. Securities and Exchange Commission announced the release of proposed rules setting forth new requirements for proxy voting on executive compensation issues including 'say-on-pay' and 'golden parachutes.' Additional disclosure requirements on the above matters are also set forth in the proposals. Read more in SEC's Proposed Rule on: Shareholder Approval of Executive Compensation and Golden Parachute Compensation, and SEC's Proposed Rule on: Reporting Of Proxy Votes On Executive Compensation and Other Matters.

Learn More At FEI Conference!
Learn more about the above topics, and more, at FEI's 29th Annual Current Financial Reporting Issues (CFRI) Conference, taking place Nov. 15-16 at the Marriott Marquis Hotel in New York City, where you can hear from FASB Acting Chair Leslie Seidman, IFRS Foundation Member, and former SEC Commissioner Harvey Goldshmid, The Economist's U.S. Economics Editor Zanny Minton-Beddoes, and senior members of the FASB, IASB and SEC staff, including SEC Chief Accountant Jim Kroeker and SEC Division of Corporation Finance Chief Accountant Wayne Carnall. Enjoy the networking opportunities (and CPE!)

As noted in FEI's press release issued today, FEI President and CEO Marie Hollein, CTP said:

"CFRI continues to be one of the largest annual gatherings among the finance profession, and we see it as an excellent forum for both financial executives and regulators to discuss key issues and provide relevant insight...It is clear that most executives are concerned about the road ahead, and FEI has aptly designed this year's conference to focus on this topic. We'll have an exciting roster of speakers and
panels aimed at providing attendees with perspectives on the regulatory and
financial reporting landscape for 2011 and beyond."

What better place to consider the future of financial and regulatory reporting than Times Square? Join us at FEI's CFRI conference in November; see the CFRI agenda, list of speakers, and registration info.

Hall of Fame
FEI's CFRI is once again being held in conjunction with the annual FEI Hall of Fame Gala (Nov. 15 - separate registration/payment required, the Hall of Fame Gala is currently sold out with a waiting list). This year's Hall of Fame inductees are Karl M. von der Heyden and Ulyesse J. LeGrange; additional info is in this press release and at http://www.feihall.org/.

IFRS Boot Camp
Additionally, as in past years, FEI's 2-day CFRI conference will be followed on November 17 by the IFRS Boot Camp: Convergence Update and Planning Approaches (separate registration and payment required) cosponsored by Deloitte LLP and FEI.

Print this post