FEI, ANDAF: bilateral conference on the CFO's changing role.

• Author: Davila, Serena
• Position: FinancialREPORTING

U.S.-based Financial Executives International (FEI) and the Associazione Nazionale Direttori Amministrativi e Finanziari (ANDAF) held a bilateral conference on November 8-9 at the historic Milan Stock Exchange, the Borsa Italiana, Palazzo Mezzanotte in Milan, Italy.

The program, "The Changing Role of Today's CFO: New Rules and Strategies," featured sessions on Sarbanes-Oxley and its impact on Italy; accessing the credit and equity markets; trends in outsourcing; internal controls; convergence of International Financial Reporting Standards (IFRS) and generally accepted accounting principles (GAAP); and the recent Basel II rating requirements.

Speakers from the U.S. included: Mark Browning of General Electric Co., David Morris of Morris Consulting, Arthur Neis of LCS Holdings Inc. and Michael Roberts of Connelly Roberts & McGiveny.

Michael Kidwell of the U.S. Consulate in Milan gave opening remarks about the importance of the conference and how it strengthens the financial relationship with Italy and the U.S. He also explained that the U.S. Consulate hopes to set up an internship program with Italy to give students an opportunity to learn about small and medium-sized companies in Italy.

For the Sarbanes-Oxley panel, Browning provided a candid overview of the problems General Electric has experienced in complying with the Act. The Italian version of the Act, referred to as Italian Law 262, is a more complete overhaul of Italian securities regulations, and includes provisions similar to Sarbanes-Oxley. Paolo Bertoli, Franco Fianni and Alberto De Vecchi each discussed their concerns with Law 262, which includes experiencing similar pressures that U.S. CFOs are experiencing in complying...