Is it spring Yet?

• Position: Editorial

As of this writing in early February, we've been spared a tough winter here in the East--but it is far from over. I am hopeful there is no weather surprise this March. Financial executives are likely hopeful there is no "March surprise" awaiting them--whether it be new regulations, taxes, a decision do not want to hear from the SEC on IFRS or from FAF on private company accounting standards. Normally, surprises do not indicate good news. But it is nearly spring, so let's be optimistic.

In that vein, FEI is proud to announce the launch of a new chapter--the first formed outside the United States in a long time (Canadian chapters were formed quite some time ago). The new chapter is FEI Japan, and it was launched at an event in Tokyo on Feb. 22. The chapter president is Greg Fenich, CFO of Microsoft Japan.

FBI'S President and CEO Marie N. Hollein says, "Expanding FEI's presence to Japan improves our global voice and recognition, which in turn benefits all our members."

In addition to the chapter, we have launched the inaugural issue of Financial Executive Japan, an abbreviated magazine with both English and Japanese translation of the articles. We welcome our new FEI members from Japan and encourage all of our members to network with each other--in person, or at upcoming events in either the U.S. or Japan. For a look at the new magazine cover, see the FFI News section on page 71.

Back to the U.S. issue: you may have noted the cover story is about the role of the Federal Reserve. We are privileged to have this article written by the Hon. David M. Walker, founder and CEO of The Comeback America Initiative and former comptroller of the U.S. Walker traces the Fed's history and has some advice for its future.

Among the other noteworthy articles is one on auditor rotation by freelance writer Karen Kroll. The proposal that was released for comment by the Public Company...