Letter from the Chair.

• Author: Netzel, Joan E.

Fiscal year 2005 marked the 60th Anniversary of Financial Executives Research Foundation's (FERF) founding on November 29, 1944. As the research affiliate of Financial Executives International (FEI), FERF's mission is to advance the profession and practices of financial management through research. Since its inception, it has published valuable, independent business research that has helped to define and redefine the role of finance in corporate America. It is truly unique research, tapping into the insights of FEI members to provide experience-based analysis of the constant stream of new accounting, auditing and corporate governance standards being issued by regulators and standard-setters.

Sarbanes-Oxley Section 404 compliance took front and center this year for many financial executives. Publicly-held companies continue to face increased demands due to Financial Accounting Standard Board (FASB) rules, shortened Securities and Exchange Commission (SEC) reporting deadlines and maintenance of 404 compliance processes. Small and privately-held companies with limited resources may be faced with even greater challenges as corporate governance initiatives increase the overall expectations for financial information. In the midst of this, FERF has and will continue to deliver practical information to keep financial executives up-to-date on the ever-dynamic business environment.

FERF's offerings facilitate financial executives learning from their colleagues. FELIX, a moderated, e-mail based discussion forum allows members to communicate with peers on private company and global topics. FERF's four e-newsletters, our online library, the Knowledge Center, and our Ask FERF research service, also provide timely and pertinent information.

* Financial Reporting & Regulatory Quarterly Update

* Fair Value Accounting: A Status Report

* Sarbanes-Oxley Section 404 Implementation: Status on Structure, Process & Sustainability

* Valuing Employee Stock Options & Other Share-Based Payments: Complying with FAS 123R

* Technology Issues for Financial Executives

These are but a few of the recent FERF publications that help us to analyze and better understand our complex financial reporting and regulatory environment. Of particular note, FERF's report "Sarbanes-Oxley Section 404 Implementation: Practices of Leading Companies," summarized leading practices from the Section 404 discussion session that took place during a meeting of FEI's Committee on Corporate Reporting...