Marie N. Hollein, president and CEO of Financial Executives International, welcomed the attendees to FEI's annual Hall of Fame Gala at Gotham Hall in New York City on Nov. 12, saying: "This is a special evening for Financial Executives Research Foundation (FERF). Tonight we celebrate the induction of the seventh class into the FEI Hall of Fame."
This year's fundraising event for FERF honored the lifetime achievements of William J. (Bill) Ihlanfeldt, retired assistant controller at Shell Oil Co.; Hans G. Storr, retired executive vice president and former chief financial officer of the Philip Morris Cos. (now Altria Group Inc.) and chairman and CEO of Philip Morris Capital Corp.; Robert P. (Bob) Wayman, retired EVP and CFO of Hewlett-Packard Co.; and John K. Wulff, former CFO of Union Carbide Corp.
Frank H. Brod, corporate vice president, finance and administration and chief accounting officer for Microsoft Corp., the Hall of Fame Premier Sponsor, declared that "these inductees took difficult problems and developed creative and innovative solutions."
Ihlanfeldt was introduced by Mitch Danaher, deputy controller of General Electric Co., who said that he worked with Ihlanfeldt on numerous accounting initiatives for many years. Danaher listed some of Ihlanfeldt's many accomplishments: as a member of the advisory committee to the Committee of Sponsoring Organizations of the Treadway Commission (COSO), he was influential in the drafting of the Internal Control Framework; he served as a member of the Financial Accounting Standards Board's Timely Guidance Task Force, which led to the creation of the Emerging Issues Task Force (EITF); he helped organize FEI's first Current Financial Reporting Issues (CFRI) Conference (the 31st annual conference was held in conjunction with the Hall of Fame gala); and he was very involved for 18 years as a member of FEI's Committee on Corporate Reporting.
Ihlanfeldt said that he was "overwhelmed" with the honor and that "the thing that I am most proud of is my involvement in the positive contribution that the preparer community has made to standard setting."
He described some history of accounting standard setting, including the debate as to whether the preparer community should be a full partner in the process. Ultimately, the FASB was formed.
Since that time, said Ihlanfeldt, "the preparer community has played a constructive role in the standard-setting process and that involvement has become more important, visible...