FEI Express Private Company Edition #95

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FEI Express Private Company Edition #95

5/4/2011

To FEI Members:

 

Congress is back from recess and various committees are moving legislation that senior financial executives should be aware of. The House Financial Services Committee is considering legislation (H.R. 1610) to exempt end-users from margin requirements, while the House Agriculture Committee is considering legislation (H.R. 1573) to postpone the deadline for the Dodd-Frank Act derivatives rulemaking. Meanwhile, the Senate Finance Committee continues to hold hearings on fundamental tax reform, including discussions on lowering the corporate tax rate.

 

With tax reform likely to be a major component in the discussions on debt and deficit reform, I would encourage our private company members to join the first Private Company Roundtable Telephone Town Hall on tax reform. On May 25 at 2:00 p.m. Eastern, members will have an opportunity to drive the discussion on the issue of tax reform. While the Roundtable has held meetings to hear from major speakers, this will be the first opportunity for members to speak directly to one another on the issues that matter. FEI will be unveiling more of these calls in the coming months.  To register for this call, please click here. For more information on this call or the Private Company Roundtable, please contact Tyler Roberts in FEI’s Washington, D.C., office.  

 

Marie N. Hollein, CTP

mhollein@financialexecutives.org

 

 

 

 

 

 

Table of Contents

 

REGULATORY AND LEGISLATIVE UPDATES

·        Geithner Extends Debt-Ceiling Deadline to August

·        Controversy over State Health Insurance Exchanges

·        Government Contractors May Face Added Reporting Burden

·        Private Company Financial Reporting Committee Meets With FASB, FAF

·        Today’s FASB Board Meeting: Financial Instruments

·        Goodwill Impairment Testing Simplification Is Goal of FASB Proposal

·        Repo Accounting Changes Under New FASB Rule

·        Offsetting (Netting) Proposal: Feedback Being Considered By FASB, IASB

·        IFRS Foundation Governance, Strategy: Call for Comment

·        Additional FASB, IASB News

 

NEWS TO USE

·        Do You Work For a ‘Unique or Unusual’ Company?

·        Hall of Fame – 2011 Nominations Now Open

·        FEI’s Hollein, FASB’s Seidman, SEC’s Kroeker, PCAOB’s Doty at Baruch Conference

 

FERF UPDATE

·        A Comparative Look at Health Care Cost Containment Strategies

·        Are you Ready for the Proposed Changes to Hedge Accounting?

·        Trends & Tradeoffs in Employee Benefits Survey

·        2011 Financial Executive Learning Survey

·        Thank You to FERF Corporate Contributors!

 

WEBCASTS

·        PwC’s 2011 State of the Internal Audit Profession Study

·        The CFO Hiring Outlook

 

CONFERENCES & EVENTS

·        Finance Forum

·        Cloud Business Summit

·        Detecting & Deterring Financial Reporting Fraud:  Must-Attend Event

·        Executive Enterprise Institute (EEI) Events

·        Financial Forecasting & Planning Summit

·        Washington Policy Conference

·        30th Annual Current Financial Reporting (CFRI) Conference

·        6th Annual Hall of Fame Gala

 

FEI Committee Meetings

May

·        Committee on Government Business (CGB)

·        Committee on Private Company Policy (CPC-P)

·        Committee on Corporate Treasury (CCT)

·        Private Company Roundtable (PCR)

 

June

·        Committee on Corporate Reporting (CCR)

·        Committee on Benefits Finance (CBF)

·        Committee on Taxation (COT)

 

FEI JOB LISTINGS

·        Job ID: 21613 – Corporate Controller

 

WELCOME TO OUR NEW MEMBERS!

 

RESOURCES

 

 

 

REGULATORY AND LEGISLATIVE UPDATES

 

Geithner Extends Debt-Ceiling Deadline to August

Treasury Secretary Timothy F. Geithner said the U.S. will have three weeks more than previously thought before hitting its borrowing limit, allowing the White House and Congress  to have more time for a deal to raise the debt ceiling. The U.S. can borrow until Aug. 2 after reaching the $14.29 trillion limit because of “stronger-than-expected tax receipts” and by taking “extraordinary measures” such as suspending the sale of bonds to finance state and local infrastructure projects. Geithner said the Treasury on May 6, will stop issuing State and Local Government Series securities, which fund a variety of expenditures, including infrastructure improvements across the country.

 

If Congress does not raise the limit by May 16, the Treasury will declare a “debt-issuance suspension period.” The Obama Administration and Congressional Republicans are debating how and whether to raise the debt limit. Republicans say they won’t act unless President Barack Obama offers more spending cuts. Geithner and administration officials have warned that global investors will lose confidence in the U.S., hurting the economic recovery, if Congress waits too long to act.

 

To read more, please click here.

 

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Controversy over State Health Insurance Exchanges

Several governors and state legislatures have hamstrung efforts to establish health care insurance exchanges in their state as required by the Patient Protection and Affordable Care Act of 2010. The idea of health care exchanges has general support from both parties, but has become associated with PPACA, and as such has become a target for Republicans. Their counterparts in Congress will vote this week on a measure that would defund grants designed to aid states in setting up exchanges. In this case, however, efforts to turn back the clock on health care legislation may backfire since the legislation being considered this week defunds the grant program but does not remove provisions of the law requiring states to set up exchanges in the first place. If a state fails to do so, the federal government will assume responsibility and establish an exchange for that state. Actions at the state and federal levels, however, show that the debate over health care reform is far from over.

 

To read more, click here.

 

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Government Contractors May Face Added Reporting Burden

President Obama is considering signing an executive order that would increase reporting requirements for government contractors. The order, currently in draft form, would require contractors to disclose financial contributions not only to political parties and candidates but also to third parties for whom contractors have a “reasonable expectation” that the funds will be used for political campaigning. Certain officers within a bidding corporation would also be subject to the requirement, which applies to contributions in excess of $5,000. Disclosures would have to be certified by the Federal Acquisition Regulatory Council (FAR Council) before a contract could be awarded.

 

To read more, click here. | To read the draft executive order, click here.

 

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Private Company Financial Reporting Committee Meets With FASB, FAF

The Private Company Financial Reporting Committee (PCFRC), formed jointly by the Financial Accounting Standards Board and the AICPA in 2007 to advise FASB on matters relating to private companies vis-à-vis existing and proposed accounting standards, is slated to meet with members of the FASB board and staff later this week, in a public meeting which will be webcast. PCFRC will also meet with representatives of the Financial Accounting Foundation, which oversees the FASB.

 

The agenda, linked in the PCFRC meeting materials, notes there will be general updates and discussion of various FAF and FASB initiatives under way to study potential improvements in the standard setting process as relates to private company constituents, and more specific discussion of particular accounting standards.

 

George Beckwith, Chairman of FEI’s Committee on Private Company Standards, serves as a member of the PCFRC in his personal capacity, along with a number of other FEI members. (See PCFRC roster).

 

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Today’s FASB Board Meeting: Financial Instruments

At its board meeting earlier today, FASB was slated to discuss the characteristics of the instrument criterion for classifying and measuring financial instruments.

 

Immediately preceding FASB’s board meeting, a joint FASB-IASB board meeting was held via videoconference. Results of FASB and FASB-IASB board meetings are posted same-day or next-day in FASB’s News Center.

 

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Goodwill Impairment Testing Simplification Is Goal of FASB Proposal

The Financial Accounting Standards Board is seeking comment on a proposed accounting standards update aimed at easing implementation of goodwill impairment testing.

 

“Nonpublic companies have expressed concerns to the [FASB] Board about the cost and complexity of performing the goodwill impairment test,” stated FASB board member (and former chair of FEI’s Committee on Private Company Standards) Daryl Buck in FASB’s press release.) Buck added that the proposal is “intended to address those concerns and to simplify and improve the process for public and nonpublic entities alike.”

 

Additional information can be found in this FASB podcast featuring Buck and FASB Practice Fellow Kevin Catalano. Comments are due on the proposal, in one of two ways: via a new Electronic Constituent Feedback Form, or via the traditional comment letter, by June 6.

 

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Repo Accounting Changes Under New FASB Rule

Last week, the Financial Accounting Standards Board released an Accounting Standards Update on accounting for repurchase agreements. See ASU 2011-03, is: Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements. As noted in FASB’s press release, the ASU amends the accounting for repurchase agreements (repos). Read more in KPMG’s Defining Issues.

 

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Offsetting (Netting) Proposal: Feedback Being Considered By FASB, IASB

FASB and the IASB are considering feedback on their January, 2011 proposals to amend the accounting for offsetting (netting) of balance sheet assets and liabilities. This feedback includes over 150 comment letters (including a letter filed by FEI’s Committee on Corporate Reporting), and feedback at public roundtables taking place this week in London and Singapore, and on Monday at FASB headquarters in Norwalk, CT.

 

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IFRS Foundation Governance, Strategy: Call for Comment

Last week, the International Financial Reporting Standards Foundation (overseer of the International Accounting Standards Board), and the Monitoring Board established as a linkage between the IFRSF and public authorities, issued a joint statement “reaffirm[ing] their commitment to seeking close co-ordination in taking forward their respective efforts in reviewing the Foundation’s governance and strategy.”

 

An integrated package of improvements covering the Monitoring Board and the Trustee’s Strategy Review is expected to be issued by the end of August.

 

To help inform their work, a series of roundtables will be held in June in Tokyo, Hong Kong, New York and London. In addition, as follow-on to the first IFRSF strategy review document issued last fall, a second document was released for public comment today: IFRS Report of the Trustees Strategy Review: IFRSs as the Global Standard: Setting a Strategy for the Foundation’s Second Decade.” The comment deadline on the IFRSF report is July 25.

 

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Additional FASB, IASB News

Read FEI’s FASB, IASB News Roundup for more news.

 

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NEWS TO USE

 

Do You Work For a ‘Unique or Unusual’ Company?

Does your company have a product or service that is unique or unusual? If so, we want to feature your company – and you as the financial executive – in an upcoming issue of Financial Executive in the new “The Office” column. To be considered, please contact Editor-in-Chief Ellen Heffes at 973.765.1050.

 

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Hall of Fame – 2011 Nominations Now Open

The FEI Hall of Fame provides recognition to senior-level financial executives who have epitomized the performance, leadership and integrity of the most exemplary financial professionals throughout their careers and in doing so, have made significant contributions to the betterment of their respective organizations and to the finance profession as a whole.

 

Nominations for the 2011 Hall of Fame Inductee Class will be accepted until May 26. For those interested in participating, please complete the online nomination form.

 

The 2011 class of inductees will be celebrated at a prestigious black-tie gala on Nov. 14 at Gotham Hall, in New York City. All proceeds from the 6th Annual Hall of Fame Gala benefit the work of Financial Executives Research Foundation (FERF).

 

Visit www.feihall.org for more information. If you are interested in becoming a Hall of Fame sponsor please contact Lorna Raagas at 973.765.1033.

 

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FEI’s Hollein, FASB’s Seidman, SEC’s Kroeker, PCAOB’s Doty at Baruch Conference

FEI President and CEO Marie N. Hollein, CTP, will be speaking on a panel at Baruch College’s 10th Annual Financial Reporting Conference, taking place in New York City on May 5. Keynote speakers at the event include FASB Chairman Leslie Seidman, SEC Chief Accountant Jim Kroeker and PCAOB Chairman Jim Doty.

 

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FERF UPDATE

 

A Comparative Look at Health Care Cost Containment Strategies

Depending on whose estimates you choose to accept, health care costs have risen anywhere from 3 percent or 4 percent to upwards of 10 percent to 12 percent. The expectation is that the percentage increases will continue to range between the high single digits and mid-teens in the short-term (over the next three to five years).

 

With health care reform now passed, but the threat of repeal and a long, drawn-out fight on the horizon, financial executives find themselves stuck in the middle. So how can companies contain their health care costs while the powers that be duke it out in Washington? What financial executives should not do is wait to see who wins. If not already, they should start putting strategies in place to contain and hopefully reduce their overall health care costs.

 

Financial executives should consider the following key areas:

·        Wellness Programs & Preventive Measures;

·        Alternative Plans and Plan Options;

·        Increasing Employee Co-pays, Deductibles and/or Share of Costs;

·        Other Strategies;

·        Advanced Funding; and

·        Dropping Coverage and Paying the Penalty.

 

 >> Download the full Issue Alert here.

 

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Are you Ready for the Proposed Changes to Hedge Accounting?

In May 2010, the FASB issued an exposure draft ("ED") Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities, which proposed fundamental changes to the accounting for financial instruments, including certain changes to hedge accounting. In December 2010, the IASB released an ED, Hedge Accounting, proposing changes to the accounting for hedging activities. The FASB also recently issued a discussion paper inviting constituents to comment on the IASB’s ED, as part of its re-deliberations and efforts to finalize its proposals. That comment deadline was April 25, 2011.

 

What should companies be doing now?

 

>> Download the full Issue Alert here.

 

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Trends & Tradeoffs in Employee Benefits Survey

Health care and medical benefits continue to be a hotly debated topic in Washington and company board rooms around the country. As employee medical benefits costs continue to rise, senior financial executives play an increasingly larger role in the final decision.

 

The Trends & Tradeoffs in Employee Benefits Survey will take approximately 15 minutes to complete. It will examine the role senior financial executives play in the employee benefit decision and the impact of financial tradeoffs on an organization due to rising costs of medical benefits. The survey aims to determine the variations of cost-sharing employee benefit programs, and the tradeoffs financial executives make when selecting benefits packages, as well as the tradeoffs they may make in other financial-related business decisions.

 

Your participation and ongoing support are always appreciated. If you have any questions about this survey, please contact FERF Research Associate Tom Thompson at 973.765.1007.

 

>>Take survey here. - survey closes Friday, May 13

 

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2011 Financial Executive Learning Survey

In the coming months, you and your fellow FEI members will be facing significant changes in the way you do your work - changes in the rules and regulations you will be asked to follow and in the requirements you will need to meet.

FEI, through its research affiliate FERF and with the help of strategic partner SmartPros, would like to assist you and your staff members to cope with these new developments.

We have put together a brief survey that is designed to identify the skills and competencies in which you and your staff will need to become proficient as these changes take place. Your responses will help FERF plan its research agenda for the coming year. The survey will take you no more than five minutes to complete.

The
2011 Financial Executive Learning Survey contains a list of topics in which change is likely to occur in the near future. Please place a check mark beside NO MORE THAN FIVE topics that are of most importance to you and your staff members.

 

To be included in the survey results, you must complete your survey by May 11.

 

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Thank You to FERF Corporate Contributors!

Our utmost THANKS and APPRECIATION to our corporate donors who generously fund FERF research! FERF Major Gift donors ExxonMobil Corporation and Microsoft Corporation, our President’s Circle Donors, along with our many corporate patrons, provide the much-needed support to produce the cutting-edge research and benchmarking tools available to all FEI members. Thank you for your continued generosity – we couldn’t do it without you!

 

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WEBCASTS

 

2011 State of the Internal Audit Profession Study

Presented by PwC

May 9 | 1:00 p.m. Eastern | 1 Hour | 1 CPE credit available

Register here.

 

PwC conducts an annual state of the internal audit profession study to monitor emerging issues of importance to finance executives. Three significant themes emerged from the survey and discussions with internal audit leaders: strategic growth, information technology and regulation.

The 2011 State of the Internal Audit Profession Study examines how internal audit is responding to a diverse and complex risk environment. In this hour-long program, PwC partners Brian Brown and Jeff Kammerer will focus on how internal auditors are responding to these risks.

 

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The CFO Hiring Outlook

Presented by Robert Half Management Resources, RHI Executive Search and FEI

May 11 | 2:00 p.m. Eastern | 1 Hour | 1 CPE credit available

Register here.

 

As the economy continues to show signs of improvement, executives and organizations are taking a closer look at their hiring strategies. Planning for growth means more strategic projects are moving off the back burner, requiring talent at all levels to plan and execute successfully. How are companies locating and hiring this talent at the most senior levels, and what impact do these trends have for executives interested in new opportunities?

 

Learner Outcome

This session is designed for those currently serving as CFOs, executives in transition, and individuals who may be looking to advance to the CFO role. Topics covered include the following:

·        The current demand for CFOs and the factors shaping this demand.

·        The compensation outlook and salary levels for senior executives.

·        How organizations are shifting their search and selection strategy.

·        Obstacles candidates may face in the hiring process, and how to overcome them.

 

Webcast Facilitators

·        Paul McDonald, Senior Executive Director, Robert Half Management Resources

·        Wayne S. Mello, President, RHI Executive Search

 

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CONFERENCES & EVENTS

 

Finance Forum

Presented by IBM

May | 5:30 p.m. – 9:00 p.m. | Various Cities | 1 CPE credit per event

View specific dates and locations here.

 

IBM and the IE Group invite you to an exclusive VIP dinner event for senior finance executives taking place in a city near you.

 

Join us at this complimentary event* to learn how leading finance teams are meeting the challenge and driving more value through better analytics and business insight. Hear from IBM executives and listen to industry expert and author, David Axson, president of the Sonax Group, who will speak on the topic, "The Finance Agenda: 2011 and Beyond."

 

You’ll learn how to:

·        Increase visibility into the drivers of revenue, profit and working capital;

·        Create timely, reliable forecasts to align operating costs with new levels of business activity;

·        Sustain cost-effective financial governance in response to increasing regulation and oversight;

·        Improve insight and responsiveness to the impact of financial and operational risks on profit, balance sheet and cash flow; and

·        Liberate finance staff to spend time on value-added tasks that really matter.

 

* IBM Reserves the right to limit attendance to qualified attendees

 

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Cloud Business Summit

Presented by Saugatuck Technology

May 10 | Westin New York at Times Square | New York, NY

Enter event code V2PFND and save $300 off the registration rate.

Register here.

 

Saugatuck Technology is pleased to announce the Cloud Business Summit, a one-day, invitation-only conference that will assemble senior business, finance and IT leaders from mid-size and large enterprises (non-vendor companies with revenues greater than $250K, up through global multinationals).

 

The agenda has been special-purpose built to facilitate interaction and engagement, with a focus on fireside chats and panels so that attendees can hear first-hand from like-minded executives from other large enterprises who are moving forward with a variety of cloud IT and cloud business strategies. The program explores what is possible, what is real and what is not in the cloud today.

 

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Detecting & Deterring Financial Reporting Fraud

An Executive Breakfast Workshop

Co-Sponsored by Center for Audit Quality (CAQ) and FEI

 

May 10

Summit Executive Centre

Chicago, IL

Register here.

May 16

Metro Meeting Centers

Boston, MA

Register here.

May 25

Cityplace Conference Center

Dallas, TX

Register here.

June 14

Mission Bay Conference Center at UCSF

San Francisco, CA

Register here.

 

It is widely recognized that three conditions need to exist within a company and lead to fraud — pressure or incentive, opportunity and rationalization. Management holds the most critical role in establishing a culture and systems that drive the organization and prevent fraud.

 

This executive workshop will explore strategies for building an ethical philosophy that deters fraud, employing skepticism — an enemy of fraud — in management’s attitude and developing a culture of collaboration and knowledge-sharing to deter and detect fraud.

 

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Executive Enterprise Institute (EEI) Events

Co-Sponsored by Executive Enterprise Institute (EEI) and FEI

FEI Members save $200 by using discount FEI-PC10 when registering below events.

 

May 5

Payment Card Institute

Arlington, VA

Register here.

May 16-17

FASB Update – 1 ½ Days

Las Vegas, NV

Register here.

May 17

Accounting for Leases

Las Vegas, NV

Register here.

May 17

Building Blocks of Derivatives

Las Vegas, NV

Register here.

May 18-19

Accounting for Derivatives & Hedging Activities

Las Vegas, NV

Register here.

May 19-20

Income Tax Accounting

New York, NY

Register here.

May 19-20

Taxation of Financial Products

New York, NY

Register here.

May 20

FIN 48

New York, NY

Register here.

May 23

Building Blocks of Derivatives

Chicago, IL

Register here.

May 23-24

FASB Update – 1 ½ Days

Orlando, FL

Register here.

May 23-24

Fraud Prevention

Chicago, IL

Register here.

May 23-24

Taxation of Financial Institutions

Chicago, IL

Register here.

May 24-25

Accounting for Derivatives

Chicago, IL

Register here.

May 24

IFRS Orientation Bootcamp – ½ Day

Orlando, FL

Register here.

May 25

IFRS Update

Orlando, FL

Register here.

May 26

Financial Reporting for International Operations

Orlando, FL

Register here.

 

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Financial Forecasting & Planning Summit

Presented by IE Group

June 2-3 | Jumeirah Carlton Tower Hotel | London, United Kingdom

Register here.

 

The Financial Forecasting & Planning Summit will focus on the solutions offered by innovative financial planning and business forecasting. This interactive two-day summit is built around individual presentations, panel sessions and workshops. We aim to bring together thought leaders and expert knowledge in an intimate setting to shape and spark ideas within financial forecasting and planning. There will also be a free pre-day Rolling Forecast Workshop, on June 1, facilitated by the CEO of Alight Planning.

 

FEI members are extended a discounted rate for this event. If you are interested in attending, please contact Pip Curtis at pcurtis@theiegroup.com and mention discount code FEI2306L.

 

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MARK YOUR CALENDARS – Upcoming FEI Conferences and Events

 

Washington Policy Conference

Sept. 26-27 | Hotel Monaco | Washington, D.C.

Register here.

 

The 2nd Annual Washington Policy Conference will bring together key business and government leaders who will provide insight into the policy questions facing senior financial executives and their companies. Topics include the policy impacts of reigning in the deficit, prospects of fundamental tax reform and the impact of new legislation and regulations currently being debated.

 

The program will provide an optimal setting for you to hear from Washington’s key decision-makers in Congress and the administration and will also afford an opportunity to share information, ideas and experiences on current regulatory and legislative initiatives with high-ranking government officials and industry experts.

 

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30th Annual Current Financial Reporting Issues (CFRI) Conference

Nov. 14-15 | New York Marriott Marquis Times Square | New York, NY

 

Focused on economic challenges and regulation reform, CFRI will detail the latest accounting and reporting developments from the SEC, FASB and IASB. Key topics include FASB/IASB technical accounting updates, status on key accounting proposals: Financial Instruments, Revenue Recognition, Leasing and Insurance, Controllers’ Roundtable on top-of-mind business issues, Q&A with FASB and the SEC and more.

 

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6th Annual Hall of Fame Gala

Premier Sponsor: Microsoft

Nov. 14 | Gotham Hall | New York, NY

 

The FEI Hall of Fame provides acknowledgment to senior financial executives who have epitomized the integrity, leadership and performance of the most exemplary financial professionals throughout their careers and in doing so, have made significant contributions to the betterment of their respective organizations and to the financial profession as a whole.

 

Join us to honor and celebrate the 2011 class of inductees in formal, black-tie fashion at the Annual Hall of Fame Gala.

 

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FEI Committee Meetings

 

May

Committee on Government Business (CGB)

May 5-6 | Honeywell | Washington, D.C.

Register here.

 

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Committee on Private Company Policy (CPC-P)

May 19 | Conference Call

Register here.

 

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Committee on Corporate Treasury (CCT)

May 23-24 | Washington, D.C.

Register here.

 

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Private Company Roundtable (PCR)

May 25 | Conference Call

Register here.

 

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June

Committee on Corporate Reporting (CCR)

June 9-10 | Hilton Stamford Hotel & Executive Meeting Center | Stamford, CT

Register here.

 

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Committee on Benefits Finance (CBF)

June 13-14 | Phillips-Van Heusen Corporation | New York, NY

Register here.

 

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Committee on Taxation (COT)

June 16-17 | Hyatt Regency on Capitol Hill | Washington, D.C.

Register here.

 

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FEI JOB LISTINGS

 

Job ID: 21613 – Corporate Controller

Location: Massachusetts

 

The company has grown organically and through acquisition. Sales have grown from $200 million in 2000 to over $900 million today. Sales grew by 11% in the 2010 recession year and are expanding again this year. Our client is committed to a continued solid rate of growth and will need to hire an individual who can work effectively with the CFO and the senior management team to be a key agent of financial and organizational growth. This position reports directly to the CFO and in the future could promote to that level based on individual performance and company growth.

 

This position is responsible for the accounting operations of the company, to include the production of periodic financial reports, maintenance of a records system, and a set of controls and budgets that is comprehensive and designed to mitigate risk, enhance the accuracy of the company's reported financial results, and ensure that reported results comply with GAAP.

 

For further details about this job opportunity, click here.

To view more jobs, visit FEI’s Career Center.

 

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WELCOME TO OUR NEW MEMBERS!

 

Congratulations to all the new members accepted in the last 30 days. Click here to see a complete list.

 

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RESOURCES AT www.financialexecutives.org

 

 

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