One of the nicest things about attending FEI’s Current Issues in Financial Reporting Conference this past week was finally meeting Edith Orenstein, FEI’s Resident Blogger. I think I mentioned Colleen Cunningham, formerly of FEI and now of Resources Global to Edith several times during the two day conference. Edith kept reminding me that Colleen was the one that decided, as FEI president, that FEI should launch a blog.
https://francinemckenna.com/wp-content/francine-mckenna.png 0 0 Francine https://francinemckenna.com/wp-content/francine-mckenna.png Francine2008-11-21 10:20:002009-07-21 18:12:09FEI Current Issues In Financial Reporting Conference – Unexpected Pleasures Part 1
Colleen lead a panel on Tuesday morning with Michael Young of Wilkie Farr and Ken Goldmann of JH Cohn. That was interesting.
I had a feeling Colleen Cunningham was a leader when I met her at Resources Global’s IFRS briefing a couple of months ago. And I congratulate her again, because Edith and the blog are essential resources for professionals. Edith is the go-to person for the latest on financial reporting, regulatory issues affecting finance and accounting professionals, and insight into the politics around the people who set our standards. Many of us could not live without her and her work.
Another lovely pleasure was meeting and spending time with Susan Webster Managing Editor of BNA. I remember when I got the call from Denise Lugo, one of their reporters a couple of months ago looking for my comments on FAS 5. That conversation resulted in a quote in her article in BNA, in the same paragraph as Lynn Turner.
Susan and I talked at length on Monday evening about distribution models for media that targets accounting and tax professionals, my new blog site launch, Twitter, and BNA’s business model. I hope to see more of my quotes in BNA and maybe see BNA on Twitter soon.
I met several other journalists at the conference. FEI set up a very professional, organized, and effective press room and press briefing program. On Monday, the press, (which included me as the only invited blogger,) was allowed a private briefing with Sir David Tweedie of the IASB.
Sir David is a pistol, not afraid to say what he thinks, and reportedly willing to resign on principle when prompted. The big story all the journalists wanted to ask him about was his recent threat to resign over political pressure brought to bear on IASB by banks on the subject of fair value. IASB and Sir David reportedly felt forced to agree to change some rules regarding classification of assets without their usual due process and comment period. Some rules were brought closer to GAAP, in conflict with the general agreement to push for adoption of IFRS globally, including in the US. Accountancy Age has a good summary of the dustup here.
My question to Sir David was much simpler. Given all the chatter about cooperation between FASB, IASB, and the SEC, I asked about TARP. The exchange was Tweeted.
My impression of Tweedie was generally positive, notwithstanding the fact that someone I like and respect has an entirely different opinion. It may be a form of Euro snobbery. It may be a dislike of the Scottish. Or my friend may be right and I may have been completely disarmed by Tweedie’s charm.
Photo by fm, NYC, 19 November 2008