Private company forum, Chicago.

• Author: Heffes, Ellen M.
• Position: Financial Executives International

FEI's Committee on Private Companies (CPC) hosted more than 100 attendees at its semi-annual meeting October 27-28 at The Drake Hotel in Chicago. The sessions were packed with information of specific interest to private company senior finance executives. Some highlights follow.

In "What's Up with the Standard Setters?" Andy Thrower, CFO of SSP Industrial Group and CPC Standards Subcommittee chair, set the stage, commenting that users are "slowly overwhelmed with standards, [yet] others keep coming."

Christine DiFabio, Director of Technical Activities for FEI, who serves as liaison to FEI's Committee on Corporate Reporting (CCR), touched briefly on a long list of standards, noting the CCR and FEI positions. Among those were: Financial Instruments--Liabilities and Equity Project, Uncertain Tax Positions, Amendments to FAS 140, Invitation to Comment: Selected Issues Relating to Assets and Liabilities with Uncertainties, Business Combinations, Conceptual Framework, Fair Value, Reporting Financial Performance, Revenue Recognition, etc.

Arthur V. Neis, Vice President, Treasurer and CFO of Life Care Services, who represents FEI on the American Institute of Certified Public Accountants (AICPA) Private Company Task Force, shared his perspectives on private-company generally accepted accounting principles (GAAP). He outlined private-company standard development worldwide, indicating a gap in definitions, and argued that financial reporting should focus on users.

In the session "Look Before You Leap: What to Know About Mergers and Acquisitions," J. Fentress Seagroves Jr., a partner in the Mergers & Acquisitions Services division of PricewaterhouseCoopers, stressed the importance of being proactive, not reactive, and becoming an "always on" company in order to be ready for opportunities.

In "Recruiting and Retention: How to do it Well," Michael Shapow, Branch Manager, Consulting Services for Robert Half Management Resources, suggested choosing consultants carefully and working with them wisely in order to get the best employer/employee fit, by aligning candidates who fit with the company culture. The main reasons employees leave, he said, is due to lack of advancement or issues with management.

Nick Bridges, Training Consultant, Development Dimensions International Inc., highlighted "motivational fit." He said we frequently try to identify people who seem to...