CPA Resources
CPA Resources

FEI forms IFRS coalition

FLORHAM PARK, N.J., June 10, 2008 -- Financial Executives International has formed a new national coalition, the Corporate Roundtable on International Financial Reporting (CRIFR). The coalition will provide a forum for companies of all sizes and funding models to discuss all business issues related to the promulgation, implementation and convergence of international financial reporting standards (IFRS) by U.S. companies.

The goal of the CRIFR will be to facilitate dialogue on a broad range of issues surrounding IFRS, including (but not limited to) implementation and transition issues related to systems requirements, training, standards setting and reporting.

"It is clear that IFRS is coming and it will soon have a major impact on the U.S. financial community," said Christine DiFabio, FEI's vice president of Technical Activities. "However, many aspects of convergence of U.S. GAAP with international standards require further debate. Our members strongly feel that implementation and operational considerations are critical in the adoption of these practices, and CRIFR is committed to working with standard setters and other government policymakers on the business issues and challenges that face U.S. companies in relation to moving from GAAP to IFRS."

The CRIFR initially consists of an alliance of corporate senior executives with a major responsibility for IFRS implementation, as well as thought leaders from business associations. The CRIFR's charter members include FEI, Eli Lilly, Honeywell, McGraw-Hill, Source Technologies, SMSC and Tyco.

"Honeywell International recognizes the concerns facing U.S. companies in convergence with IFRS, and we are proud to be a charter member of this highly-anticipated coalition," said Paul Cienki, vice president, Government Accounting and Compliance at Honeywell International. "FEI has clearly been at the forefront of raising visibility around IFRS in the financial community, and we look forward to working closely with FEI's leadership and legislators to assist in the seamless convergence for U.S. companies in the coming months and years."

"Despite its present size and not unlike other larger scale multinational companies, SMSC faces many of the challenges and complexities of any U.S. public enterprise conducting business internationally," said Joseph S. Durko, vice president, corporate controller and chief accounting officer of SMSC. "Given our industry and business model, we conduct a significant portion of our business in the international arena. We expect the convergence with IFRS to impact us and our peers as significantly as it will larger scale corporations. SMSC is very pleased that FEI has recognized this in establishing the CRIFR, and we are honored to participate and help represent the interests of emerging growth companies in this forum."

"We are looking to grow the size and breadth of CRIFR in the coming months and welcome additional interested members," said FEI's DiFabio.

For more information on or to join this Corporate Roundtable contact Matt Miller, FEI's director of Tax and Economic Policy in the Washington, D.C. office at mmiller@financialexecutives.org.