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Corporate & Securities Law

: inside Sarbanes Oxley

FEI Members on Panels; FEI Committee on Corporate Reporting Comments on Concept Release

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Four members of Financial Executives International (FEI), an association of senior financial executives, are among panelists appearing on the SEC?s IFRS roundtables. FEI members participating on today?s panel are Gregg L. Nelson, VP, Accounting Policy and Financial Reporting at IBM Corporation and Matthew Hilzinger, SVP and Corporate Controller, Exelon Corporation. The December 17 panel includes FEI members Mick Homan, Comptroller, Corporate Accounting, Procter & Gamble Corporation, and Margaret (Peggy) Smyth, VP and Controller, United Technologies Corporation.

Homan, Nelson and Smyth are members of FEI?s Committee on Corporate Reporting (CCR). CCR provided a comment letter to the SEC on November 15, in response to SEC?s Concept Release on whether to permit or require U.S. companies to file their financial statements with the SEC in IFRS.

CCR?s comment letter supported permitting U.S. companies the option of voluntary adoption of IFRS. If the SEC were to decide to make IFRS mandatory, CCR said in its November 15 letter that mandatory adoption by all companies could come ?no sooner than 2012.?

?CCR strongly supports providing a choice in the near term to U.S. issuers to prepare financial statements in accordance with IFRS as published by the International Accounting Standards Board,? said the CCR letter, signed by CCR Chair Arnold C. Hanish, EVP and Chief Accounting Officer, Eli Lilly and Co.

However, CCR?s letter added, ?It is important to acknowledge that the prospect of allowing U.S. companies to file on the basis of IFRS has very different implications for the broad array of U.S. companies that form the membership of FEI.?

FEI Members on Panels; FEI Committee on Corporate Reporting Comments on Concept Release

Full post as published by inside Sarbanes Oxley on December 13, 2007 (boomark / email).