FEI forms corporate roundtable on IFRS.

• Author: Heffes, Ellen M.
• Position: Financial reporting - International Financial Reporting Standards - Financial Executives International - Brief article

On June 5, FEI announced the formation of a new national coalition, the Corporate Roundtable on International Financial Reporting (CRIFR). The goal of the coalition is to provide a forum for companies of all sizes and funding models to discuss business issues related to the promulgation, implementation and convergence of International Financial Reporting Standards (IFRS) by U.S. companies.

CRIFR aims to facilitate dialogue on a broad range of issues surrounding IFRS, including (but not limited to) and transition issues related to systems requirements, training, standard-setting and reporting.

"It is clear that IFRS is coming and it will soon have a major impact on the U.S. financial community," said Christine DiFabio, FEI vice president of Technical Activities. However, she continued, "many aspects of convergence of U.S. generally accepted accounting principles (GAAP) with international standards require further debate. Our members strongly feel that implementation and operational considerations are critical in the adoption of these practices, and...