We at Financial Executives Research Foundation (FERF)--a valuable resource at your fingertips--would like to welcome the new members of our Board of Trustees for fiscal year 2014-15 as well as the non-trustee members of our Development and Research Committees. They bring a diverse array of knowledge and experience that will add value and perspective to our unique and unbiased research, made possible by voluntary contributions from our generous donors. We remain committed to providing you--our readers and partners--with continued support to help you make timely, intelligent and informed business decisions.
FERF Research is Getting Noticed
In mid-September, FERF was invited to the XBRL U.S. National Conference in Bellevue, Washington, to moderate two panels on disclosure management solutions (DMS) based on FERF's recent report SEC Reporting and the Impact of XBRL: 2013 Survey. The first panel discussed how disclosure management solutions are maximizing effectiveness in the reporting process. The panelists from three different companies shared their implementation experiences and current processes. The second panel focused on controls around DMS. Chuck Harris, Partner at PwC, described changes the 2013 COSO Framework may have on DMS. Michelle Linders Wagner, Senior Manager at Deloitte, elaborated on its impact. Another recent FERF research report. Impact of the 2013 COSO Framework, provides more extensive Interviews regarding the new framework.
2015 FERF Board of Trustees
Monty W. Garrett
Vice President--Corporate Finance
Edward V. Weller
Chief Accounting Officer
Federal Home Loan Bank Pittsburgh
PRESIDENT AND CEO
Marie N. Hollein
President and CEO
Financial Executives International
Financial Executives Research Foundation
Senior Vice President,
Controller and Chief Accounting Officer
Tyco International Ltd.
Marie T. Gallagher
Senior Vice President and Controller
Hubert D. Glover, Ph.D.
Clinical Associate Professor
LeBow College of Business
Bruce M. Goldstein
Senior Vice President, Controller
Senior Vice President and CFO
Ruud R Roggekamp
Corporate Finance & Banking
The Boeing Company
Martin C. Ross
Terence R. Stack
Vice President, Treasurer
Harman International Industries, Inc.
Nikhil P. Varaiya, Ph.D.
Director of Graduate Programs and Professor, Finance
San Diego State University
M. Mark Walker, Ph.D.
Associate Professor of Finance
University of Mississippi
Michael J. Wood
Vice President, Controller and Chief Accounting Officer
John K. Wulff
Chair, Hall of Fame Selection Council
2012 FEI Hall of Fame Inductee
The 2014 Leadership in Finance award winners represent companies featured in the Modern Finance in the Digital Age research conducted by FERF and sponsored by Oracle.
In late September, Marie N. Hollein, President and CEO of FEI and FERF, was a guest panelist at Oracle's Open World for CFOs and discussed the digitization of finance based on research findings from an upcoming research report, Modern Finance in the Digital Age. To help CFOs succeed in the new digital age, this research report will explore new finance best practices that CFOs are adopting to support more agile, technology-enabled business models and stronger C-suite collaboration. Pictured left to right: Niranjan Pradbu, Director, Enterprise Solutions, The University of Melbourne; Bradley O'Bryan, Senior Vice President and Chief Accounting Officer, Hyatt Hotels Corporation; Nick Wood, Senior Director, Strategic Finance Systems, SITA; Fabio De Felippis, Financial Controller, Nufarm S.A.; Marie N. Hollein, CTP, President and CEO, FEI and FERF; Jeff Henley, Vice Chairman of the Board, Oracle Corporation
FERF's Chapter Challenge Program
* FEI Chapter Insight, the opportunity to author a thought leadership piece distributed to FEI membership--and beyond;
* The choice of complimentary conference registrations at FEI Leadership Summit or Current Financial Reporting Issues (CFRI); and
* Recognition and complimentary seats at the FEI Hall of Fame Gala (scheduled this year on November 17th at Gotham Hall in NYC)
What hasn't changed?
* Professional Development sessions
* Ad space in Financial Executive magazine
* Subscriptions to FERFPros CPE
* The Chapter Academic Award Program; and
* Acknowledgement at FEI Conferences, on our website, and in FERF communications.
Contact Kit Hall at firstname.lastname@example.org or 973.765.1064 for more information.
Recently Published Reports
Audit Fee Survey
FERF's Annual Audit Fee Survey 2014 Results revealed that nearly 400 respondents' audit fees increased by 2.7 percent, on average, over prior year's for public, private and nonprofit companies. Public respondents reported a 4.5 percent increase over the prior year, primarily due to review of manual controls resulting from PCAOB inspections and other PCAOB issues, ultimately causing a change in company controls and/or controls documentation. Inflation was identified as a cause for the increase for both private and nonprofit companies. Additionally, more than half of the public company respondents indicated an increase in internal cost of compliance with SOX over the past three years. However, many stated they believe they now have improved internal controls. The report provides 11 exhibits to help senior-level financial executives benchmark their fees and experiences against their peers.
Beware XBRL Errors in SEC Filings
The intention of this issue alert is to emphasize that all errors cannot be caught by software, so senior-level financial executives and their teams should beware and be aware how to identify and remediate errors before submitting their XBRL files to the SEC. In addition, the report provides examples of common errors detected through manual review, as well as the most common errors detected by software systems.
The Importance of Business Intelligence to Strategy
What type of information is finance capable of providing to the business? What barriers exist that prevent finance from providing better information? Which functions within the organization does finance partner with to provide information for critical business decisions? This report addresses these questions and provides five steps that financial executives can take to improve their finance processes.
The Evolving Role of the Disclosure Committee Although not required, a well-established disclosure committee can help financial executives comply with complicated and time-consuming regulatory requirements. This upcoming report will share common practices gathered through peer interviews and survey results. The most common theme Is that the disclosure committee has to "have the right people in the room to be successful."
Revenue Recognition ASC 606
Following the recently issued joint revenue recognition standard, FERF and PwC conducted a survey on companies' preparedness on implementing the standard by 2017 for public companies. This research report will reveal how companies rank in preparedness among their peers. Preliminary results show that familiarity with the standard was heavily skewed to the finance function, with greatest impact on systems.
Research Projects Requiring Your Participation
Technology Issues for Financial Executives Survey--Are You Getting Enough Value from Your IT Investments?
FEI's Committee on Finance & IT (CFIT) and Gartner collaborate annually with FERF to conduct the Technology Issues for Financial Executives survey. In its 16th year, the survey's goal is to gain financial executives' perspectives on information technology within the enterprise. New questions this year will ask members for their opinions on the skill sets required by their IT departments and whether their IT projects are achieving their desired benefits. The survey should only take about 10 minutes to complete. All responses are confidential and participants will remain anonymous.
Financial Executive Compensation Survey--Flow do your and your staff's pay stack up against your peers' compensation ?
The ninth annual survey reports on the salaries, bonuses, long-term incentives and retirement benefits of CFOs, corporate controllers, treasurers and other financial executives among public and private companies in the United States. This year's survey will also focus on acquisition and retention strategies for top talent. This survey should take less than 15 minutes to complete and, as always, all responses are confidential and participants will remain-anonymous.
Established in 1944, Financial Executives Research Foundation is the research affiliate of FEI. FERF is a non-profit, non-political, educational organization under Section 501 (c)(3) of the 1RS. Our mission is to provide knowledge and insight that enable informed decision-making by senior-level financial executives and...