IASCF Names New Trustees; Come to FEI’s IFRS Conference June 5!

March 11, 2008
FEI Summary

On March 11, 2008, the International Accounting Standards Committee Foundation (IASCF) issued a press release announcing three new trustees have been appointed:  

o        Robert Glauber, retired chairman and CEO, NASD [National Association of Securities Dealers] and former Under Secretary of the Treasury for Finance, U.S.;

o        Pedro Malan, former Finance Minister and former president of the Central Bank of Brazil, and currently chairman of the board of Unibanco; and

o        Luigi Spaventa, former chairman of the commissione nazionale per le società e la borsa (Consob) and former Minister of the Budget, Italy.

The appointments fill vacancies on IASCF created by the retirement of William McDonough (former Chairman of the Public Company Accounting Oversight Board) of the U.S., Roberto Teixeira da Costa of Brazil and Kees Storm of the Netherlands, respectively.

IASCF oversees the International Accounting Standards Board (IASB), which is responsible for setting International Financial Reporting Standards (IFRS).

As previously reported, IASCF announced in February a strategy to enhance the review of its constitution, and provided a funding update.

Financial Executives International (FEI) contributes funds to IASCF, and FEI President and CEO Michael P. Cangemi is a member of IASB’s Standards Advisory Council (SAC).

“The World Is Moving To IFRS – Are You?” – FEI Conference June 5, Sponsored by BNA

Many people, including Financial Accounting Standards Board (FASB) Chairman Robert Herz - commenting at Financial Executives International’s (FEI) Global Financial Reporting Convergence Conference last fall - have acknowledged the world is moving to International Financial Reporting Standards (IFRS) as the global set of accounting standards. 

Also, U.S. Securities and Exchange Commission (SEC) Chairman Christopher Cox announced in a speech earlier this year he intends to have SEC staff develop a roadmap to consider permitting - or requiring - IFRS reporting by U.S. companies that are registered with the SEC.

Private companies are also following the International Accounting Standards Board's (IASB) IFRS for Small and Medium Sized Entities (IFRS for SMEs) project.

To learn more about IFRS, attend FEI’s Global Financial Reporting Convergence Conference, on June 5, in New York City: “The World is Moving to IFRS – Are You?” The Bureau of National Affairs (BNA) is the exclusive sponsor of this conference.

A highlight of the event is keynote speaker John White, Director of the SEC's Division of Corporation Finance, who will be providing remarks on the status of the SEC’s roadmap.

Other confirmed speakers and panelists include: Aaron Anderson, director, IFRS Policy and Implementation, IBM Corp., Jack Ciesielski, editor of the Analysts’ Accounting Observer; Vin Colman, partner, PricewaterhouseCoopers; David Cairns, former secretary-general of IASCF; DJ Gannon, partner, Deloitte & Touche; David M. Morris, president, Morris Consulting; Paul Munter, partner, KPMG; and Danita Ostling, partner, Ernst & Young. Senior IASB staff will also participate and additional panelists are being confirmed. Check back to FEI's webpage as conference as updates will be added soon. Register early, as space is limited! 

Prepared March 11, 2008 by Edith Orenstein, Director, Technical Policy Analysis, Financial Executives International (FEI). This summary does not represent FEI opinion unless specifically noted above.