The 40th anniversary of the creation of the Financial Accounting Standards Board (FASB) marks an important milestone for U.S. business and Financial Executives International (FEI) in particular.
FEI played a key role in the board's beginning, helping appoint FASB's first trustees. Over the next four decades, FEI and its members have made significant and important contributions to FASB as well as in the broader push for financial transparency.
But it's not all about history. Over just the past few weeks FEI has been at the forefront of FASB development and accounting regulation.
We welcomed the new chairman Russell G. Golden and we look forward to continuing to work with him and the board on the hard work that remains in our profession.
That is particularly true regarding the difficult issues around the possibility of "convergence" and incorporating International Financial Reporting Standard (IFRS) into the U.S. financial reporting system
FEI will also be working on the recently released proposed exposure draft on leasing released by FASB and the International Accounting Standards Board (IASB) just last month.
At first blush, this update promises some significant changes in the way financial executives account for leases. But there are many questions, including the details of implementation and the impact on the balance sheet.
FEI and its staff will be working with its members to gather information on this important update ahead of the September deadline for feedback set by FASB.
Keeping Members Updated
Keeping members up to date on regulatory and accounting changes is what FEI is all about, whether through this magazine or through one of our many events and communications targeted to member interests.
Having wrapped up FEI's 2013 Summit Leadership Conference in Las Vegas last month, I can assure you that many of our members left the conference saying they were informed on the financial...