CCR, CFIT, CGB, COT and CPC updates.

• Position: FEI TECHNICAL COMMITTEES - Financial Executives Institute

Committee on Corporate Reporting (CCR)

Staff Liaison: Christine DiFabio

CCR held a quarterly meeting on December 14-15, in Washington, D.C., co-located with FEI's Committee on Finance and Technology, (CFIT). The meeting included sessions with representatives from the U.S. Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB) and the Big Four public accounting firms.

* SEC representatives: Chief Accountant Conrad Hewitt, Deputy Chief Accountant Scott Taub and Chief Accountant, Division of Corporation Finance, Carol Stacey. Among the topics discussed: the SEC's proposed rules on management guidance for implementing Section 404 on internal controls, FIN 48 implementation issues, XBRL initiatives and 2006 year-end reporting focus.

* PCAOB representatives: Chief Auditor Tom Ray, Deputy Chiefs Laura Phillips and Jennifer Rand and Carl Calendar with the Inspections area. Among the discussion topics: PCAOB 2007 standard-setting agenda, revised audit standard implementing Section 404 on internal controls, project work on client-privilege issues, as well as concerns regarding timing of PCAOB inspections.

* FASB Board Member George Batavick provided an update on current FASB projects, including FIN 48-related implementation issues, the conceptual framework, business combinations and others.

Comment Letters: CCR is developing comment letters in response to the following issues:

-- to FASB in response to its Exposure Draft, Disclosures about Derivative Instruments and Hedging Activities--an amendment of FASB Statement No. 133 (comments due by March 2, 2007).

-- to the SEC in response to its proposed rule for Management Guidance related to implementing the requirements of Section 404 on internal control (comments due on February 26).

-- to the PCAOB in response to its proposed revised auditing standard for implementing the requirements of Section 404 on internal control (comments due on February 26).

Find comment letters at www.fei.org; click on "financial reporting" in left margin, then click on "comment letters."

Committee on Finance and Information Technology (CFIT)

Staff Liaison: Bill Sinnett

CFIT's meeting was co-located with FEI's Committee on Corporate Reporting (CCR) in Washington, D.C., on December 14 and 15. Neal Hannon, director, Financial Reporting Technologies, for the Financial Accounting Foundation (FAF), joined CFIT Chair Taylor Hawes and Vice Chair Bill Overell in a presentation to CCR members on...