September 12, 2007

FASB’s New Project on FAS 5 and Contingencies

Last week, the FASB voted to add a comprehensive project to reexamine FAS 5. As described in this handout, the project will have three phases. Phase 1 will address inconsistencies between proposed FAS 141R regarding business combinations and FAS 5. Phase 2 relates to eliciting enhanced disclosures under FAS 5. Phase 3 is “a long-term project to comprehensively reconsider all accounting models for contingencies.” See more on FEI’s “Financial Reporting Blog.”

What Does a New World Accounting Order Mean for Audit Committees?

KPMG’s Audit Committee Institute has conducted this interesting interview with former FASB Chair Dennis Beresford (who is the audit committee chair for Kimberly-Clark Corp., Legg Mason and Fannie Mae). Dennis believes it’s unlikely that many U.S. companies will begin using IFRS in the next few years – but that this could change over time.

Broadridge’s Key Stats from the Proxy Season

Always interesting for those that are statisitic nerds, here are Broadridge’s 2007 Proxy Season Key Statistics & Performance Ratings.

Speaking of Broadridge, don’t forget the panel – “Solicitation, Media, and IR Strategies: After E-Proxy and the Loss of Broker Non-Votes” – which will include an update from Broadridge about what challenges (and opportunities) have been faced by companies trying voluntary e-proxy so far. This will help you to avoid the obstacles and mistakes incurred by those companies that were “early movers.”

This – and more – practical guidance will be imparted during the October 10th Conference: “Hot Topics and Practical Guidance Conference: The Corporate Counsel Speaks.” Register to attend this Conference.

You can choose to attend solely this Conference – or for just a little bit more, you can also take in these two Conferences – the “Tackling Your 2008 Compensation Disclosures: The 2nd Annual Proxy Disclosure Conference” and “4th Annual Executive Compensation Conference” – online via our “Member Appreciation Package.”

– Broc Romanek