FLORHAM PARK, N.J., June 5 /PRNewswire/ -- Financial Executives
International (FEI), the preeminent association for financial executives,
today announced the formation of a new national coalition, the Corporate
Roundtable on International Financial Reporting (CRIFR). The coalition will
provide a forum for companies of all sizes and funding models to discuss
all business issues related to the promulgation, implementation and
convergence of International Financial Reporting Standards (IFRS) by U.S.
companies.
Formally unveiled at today's FEI 2008 Global Financial Reporting
Convergence Conference in New York City, the goal of CRIFR will be to
facilitate dialogue on a broad range of issues surrounding IFRS, including
(but not limited to) implementation and transition issues related to
systems requirements, training, standards setting and reporting.
"It is clear that IFRS is coming and it will soon have a major impact
on the U.S. financial community," said Christine DiFabio, FEI Vice
President of Technical Activities. "However, many aspects of convergence of
U.S. GAAP with international standards require further debate. Our members
strongly feel that implementation and operational considerations are
critical in the adoption of these practices, and CRIFR is committed to
working with standard setters and other government policymakers on the
business issues and challenges that face U.S. companies in relation to
moving from GAAP to IFRS."
CRIFR initially consists of an alliance of corporate senior executives
with a major responsibility for IFRS implementation, as well as thought
leaders from business associations. CRIFR's Charter Members include: FEI,
Eli Lilly, Honeywell, McGraw-Hill, Source Technologies, SMSC and Tyco.
"Honeywell International recognizes the concerns facing U.S. companies
in convergence with IFRS, and we are proud to be a charter member of this
highly-anticipated coalition," said Paul Cienki, Vice President, Government
Accounting & Compliance at Honeywell International. "FEI has clearly been
at the forefront of raising visibility around IFRS in the financial
community, and we look forward to working closely with FEI's leadership and
legislators to assist in the seamless convergence for U.S. companies in the
coming months and years."
"Despite its present size and not unlike other larger scale
multinational companies, SMSC faces many of the challenges and complexities
of any U.S. public enterprise conducting business internationally," said
Joseph S. Durko, Vice President, Corporate Controller & Chief Accounting
Officer of SMSC. "Given our industry and business model, we conduct a
significant portion of our business in the international arena. We expect
the convergence with IFRS to impact us and our peers as significantly as it
will larger scale corporations. SMSC is very pleased that FEI has
recognized this in establishing the CRIFR, and we are honored to
participate and help represent the interests of emerging growth companies
in this forum."
According to FEI's DiFabio, "we are looking to grow the size and
breadth of CRIFR in the coming months and welcome additional interested
members." For more information on or to join this Corporate Roundtable
contact Matt Miller, FEI's Director of Tax & Economic Policy in the
Washington, D.C. office at mmiller@financialexecutives.org.
About FEI
Financial Executives International is the leading advocate for the
views of corporate financial management. Its 15,000 members hold
policy-making positions as chief financial officers, treasurers and
controllers. FEI enhances member professional development through peer
networking, career management services, conferences, teleconferences and
publications. Members participate in the activities of 85 chapters, 74 in
the U.S. and 11 in Canada. Visit http://www.financialexecutives.org for more
information.
SOURCE Financial Executives International
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Related links:
http://www.financialexecutives.org
CONTACT:
Nicole Madison of FD, +1-212-850-5647,
Nicole.Madison@fd.com, for Financial Executives International;
Lili DeVita of FEI, +1-973-765-1021,
ldevita@financialexecutives.org
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