For FEI advocacy and technical committees, it's 'business as usual'.

• Author: DiFabio, Christine
• Position: Washington insights

Change is inevitable and all around us at present, as noted in this issue by both FEI's President and CEO, Jim Abel, and Financial Executive's new Editor-in-Chief, Ellen Heffes.

On the President's Page (page 6), Jim addresses the convergence to International Financial Reporting Standards as a major change issue for the future of FEI, with a focus on educating members and policymakers on the challenges that IFRS will bring.

What has remained a constant for FEI, however, is the breadth and depth of business and policy issues being addressed by both our advocacy and technical activities departments.

Following the departure of FEI's Senior Vice President Grace Hinchman--a strong and valued presence in FEI's Washington, D.C., office for more than 10 years--I have taken on the responsibility of overseeing all of FEI's advocacy and technical committee efforts. I'm supported by a talented staff in our Washington D.C., and Florham Park, N.J., offices that is focused on identifying issues of member interest in accounting and business policy and impacting positive change in both of those areas.

For certain, converging U.S. generally accepted principles with IFRS is a critical issue for FEI, with many initiatives already ongoing and moving forward. Our Committee on Private Companies (CPC) has been vocal on the potential for IFRS for Private Entities, formerly known as "Small and Medium-Sized Entities, or SMEs;" and our Committee on Taxation (COT) is following the tax implications, particularly in the areas of LIFO accounting and IRS policy and rulemaking.

The Committee on Corporate Reporting (CCR) has filed several letters with the U.S. Securities and Exchange Commission as well as with the Financial Accounting Standards Board and International Accounting Standards Board on reporting and accounting implications. FEI members and staff have also participated in roundtables, conferences, forums and coalitions on the topic.

Members may rest assured, however, that FEI is not focused on just one accounting and policy issue. Among the other issues that the technical committees and FEI staff are working on include:

* The emergence of Interactive Data and extensible Business Reporting Language (also known as XBRL);

* Private company accounting and policy issues. In a recent congressional "fly-in," FEI committee members spoke with members of Congress on preservation of the ICDISC (Interest Charge--Domestic Sales Corp.), non-qualified deferred compensation; and...