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IFRS Technical Update
NYSSA Conference, 10 January 2013
IASeminars worked with the New York Society of Security Analysts - NYSSA to produce its 18th Annual International Financial Reporting Conference on Thursday 10th January 2013, with optional pre-conference workshops on 8 & 9 January 2013.
Conference Agenda - Thursday 10th January 2013
Moderator: Robert Herz, Former Chairman of the Financial Accounting Standards Board (FASB)
Standard-Setters & Regulators Roundtable
- Leslie Seidman, Chairman, Financial Accounting Standards Board (FASB)
- Hans Hoogervorst, Chairman, International Accounting Standards Board (IASB)
- Jenifer Minke-Girard, Office of the Chief Accountant, Securities and Exchange Commission (SEC)
Status Report and Technical Update on Major FASB & IASB Projects
- Marc Siegel, Board Member, Financial Accounting Standards Board (FASB)
- Patrick Finnegan, Board Member, International Accounting Standards Board (IASB)
- Kathy K. Murphy, Chief Accountant, Office of the Comptroller of the Currency
- Wallace Enman, Vice President, Senior Credit Officer, Moody's
- Gary Kabureck, Vice President and Chief Accounting Officer, Xerox Corporation
Topics to be covered: IASB Update, FASB Update, Convergence Overview, Insurance Accounting, Derivatives, Financial Instruments, Leasing, Revenue Recognition, Impairment
Moderator: Joe Longino - Principal, Sandler O'Neill and Member of FASAC & CRUF
Global Auditing and Assurance Panel
- Jay Hanson, Board Member, Public Company Accounting Oversight Board (PCAOB)
- Steven Buller, BlackRock, Inc., member of the Standing Advisory Group of the PCAOB
- Joel Osnoss, Global IFRS Leader - Clients and Markets, Deloitte Touche Tohmatsu
- Dan Montgomery, Deputy Chair, International Auditing and Assurance Standards Board (IAASB)
Topics to be covered include: Global regulation of the audit profession; international developments in the audit function; relevance of the audit in financial communications; importance of a strong judgement framework; users and preparers perspective on audit issues
Investors and Analysts Roundtable
- Neri Bukspan, Executive Managing Director, Chief Quality Officer, Standard & Poor's
- Pinto Suri, Principal, Prudential Fixed Income, Credit Research Group
- Nichole Burnap, Associate Equity Research Analyst, Credit Suisse
- Joe Longino - Principal, Sandler O'Neill and Member of FASAC & CRUF
Moderator: Joel Osnoss, Global IFRS Leader - Clients and Markets, Deloitte Touche Tohmatsu Limited
Corporate Panel - The Preparers Perspectives
- Karyn Brooks, Senior Vice-President & Controller, Bell Canada
- Gregg Nelson, Vice President Accounting Policy & Financial Reporting, IBM Corporation
- Gary Kabureck, Vice President and Chief Accounting Officer, Xerox Corporation
- Michael Tovey, Managing Director, Group Accounting Policy, UBS
Topics to be covered: addressing the IFRS myths; views on the IFRS debate in the USA; preparing for possible future US adoption of IFRS; real-world IFRS transition issues in Canada; communicating with stakeholders and investors.
Wrap-Up and Close
Karyn Brooks, Senior Vice-President & Controller, Bell Canada
Karyn Brooks is Senior Vice-President & Controller of Bell Canada Enterprises, Canada’s largest telecommunications company. In this role, she is responsible for external reporting and was the executive sponsor of Bell’s changeover to IFRS. Prior to joining Bell in 2003, Karyn held senior financial positions in the pipeline industry. Karyn is also is a member of the IASB’s IFRS Advisory Council and IFAC’s Professional Accountants in Business Committee.
Neri Bukspan, Executive Managing Director, Standard & Poor’s
Neri Bukspan is Executive Managing Director, Chief Quality Officer and Chief Accountant at S&P in New York. He joined Standard & Poor’s in 2002 as its Chief Accountant, a role which involves overseeing S&P’s accounting initiatives and supporting the firm’s analysts in addressing the increasing complexity of emerging accounting and financial reporting matters. Before joining S&P, he worked at Ernst & Young’s National Accounting office as a technical resource for the firm’s professionals worldwide. Neri is a member of the Financial Accounting Standards Board’s (FASB) Advisory Council, the Capital Markets Advisory Committee of the International Accounting Standards Board (IASB), and the Standing Advisory Group of the Public Company Accounting Oversight Board (PCAOB).
Steven Buller, Managing Director and Head of Global Accounting Policy, BlackRock, Inc.
Steven E. Buller is Managing Director and Head of Global Accounting Policy and Controls at BlackRock, Inc. in New York, NY, where he provides oversight for Accounting Policy, Controls, Auditor Independence and over various financial aspects of BlackRock's 3,500 investment companies. Steven is a member of the management team of BlackRock's wholly owned bank and previously served as BlackRock's Chief Financial Officer. Prior to joining BlackRock in 2005, he spent 30 years at Ernst &Young, LLP, where he served as Global Director of Asset Management Services. He also served as E&Y's Liaison to the Securities and Exchange Commission's division of investment management. Steven is a member of the Standing Advisory Group of the Public Company Accounting Oversight Board (PCAOB), and previously served as Chair of the American Institute of CPAs' Investment Companies Committee.
Nichole Burnap, Associate Equity Research Analyst, Credit Suisse
Nichole Burnap is an associate analyst on the Accounting & Tax Equity Research Team at Credit Suisse in New York, which has been ranked by Institutional Investor as a top research team each year since 2003. Nichole's work at Credit Suisse involves analyzing financial reporting data for companies in the S&P 500 to help clients make better investment decisions. She is a member of the Corporate Reporting Users Forum (CRUF) and the American Institute of Certified Public Accountants (AICPA). Before joining Credit Suisse, Nichole was a Senior Associate with Ernst & Young LLP and was also a Postgraduate Technical Assistant at the Financial Accounting Standards Board (FASB). She is a CPA and has passed all CFA exams.
Wallace Enman, Vice President and Senior Credit Officer, Moody’s
Wallace Enman is a Vice President and Senior Credit Officer at Moody’s, and a member of the firm's Accounting Specialist group. He provides technical accounting support to the Life Insurance, Property and Casualty & Reinsurance, and Financial Guarantor teams. Prior to joining Moody’s in 2007, Wally was a Senior Manager in Ernst & Young LLP’s Transaction Advisory Services group, where he consulted and performed due diligence on mergers and acquisitions involving insurance companies. Wally has also worked for the General Reinsurance Corporation in financial reporting and investment accounting.
Patrick Finnegan, Board Member, International Accounting Standards Board (IASB)
Patrick Finnegan is a Board Member of the IASB, and a former Director of the Financial Reporting Policy Group at CFA Institute Centre for Financial Market Integrity. Pat led a team at CFA Institute (a global, not-for-profit association for investment professionals with nearly 100,000 members) which was responsible for providing user input into the standard-setting activities of the IASB, FASB and key regulatory bodies. He has also co-ordinated the work of the CFA Institute's Corporate Disclosure Policy Council, which reviews and comments on financial reporting policy initiatives around the world. Before joining the CFA Institute in 2008, Pat worked at Moody's Investors Service, where he served as a managing director in Moody's Corporate Finance Group and as a senior analyst in Moody's Financial Institutions Group. Previously, he worked for Deloitte as a partner providing audit services primarily for insurance companies and conducting financial due-diligence services for private equity firms. Mr Finnegan also worked for the American Institute of CPAs as a technical manager and for the US Securities and Exchange Commission (SEC) as a staff accountant.
Robert Herz, former Chairman of the US Financial Accounting Standards Board (FASB)
Robert Herz was Chairman of the US Financial Accounting Standards Board (FASB) from 2002 to 2010, and was also one of the original members of the International Accounting Standards Board (IASB). Prior to that, Bob was a partner with PricewaterhouseCoopers for many years, including serving as audit partner, as head of the firm’s Corporate Finance Advisory Services, as senior technical partner, as member of the firm’s US and Global Boards, and as President of the Coopers & Lybrand and PricewaterhouseCoopers foundations. He has chaired a number of professional committees, including the IFAC Transnational Auditor’s Committee and the SEC Regulations Committee of the American Institute of Certified Public Accountants, and has also served on numerous public policy commissions. Bob’s current activities include serving on the boards of directors and audit committees of Morgan Stanley and Fannie Mae, is he also an executive in residence and member of the faculty of the Columbia Business School and serves on the Standing Advisory Group of the US Public Company Accounting Standards Board, the Financial Reporting Faculty Advisory Group of the ICAEW, and the Accounting Standards Oversight Council of Canada.
Jay Hanson, Board Member, Public Company Accounting Oversight Board (PCAOB)
Jay D. Hanson was appointed by the Securities and Exchange Commission to be a member of the Public Company Accounting Oversight Board in January 2011. Prior to joining the Board, Jay spent nearly 32 years at McGladrey & Pullen, LLP, where he worked with a variety of clients ranging from small nonprofit organizations to large multi-national public companies. At the time of his departure, Jay was the National Director of Accounting, overseeing the firm's accounting guidance and training practices, as well as leader of the firm's Accounting Standards Group. Jay served as a member of the Emerging Issues Task Force of the Financial Accounting Standards Board (FASB) from 2006 to 2011. He also was a member of the Financial Reporting Executive Committee of the American Institute of Certified Public Accountants (AICPA) from 2005 to 2011, serving as Chairman from 2008-2011.
Hans Hoogervorst, Chairman, International Accounting Standards Board (IASB)
Hans Hoogervorst became chairman of the International Accounting Standards Board on 1 July 2011 upon the retirement of Sir David Tweedie. The IASB is the London-based body responsible for developing International Financial Reporting Standards (IFRS). Mr Hoogervorst is a former chairman of the Netherlands Authority for the Financial Markets (AFM) and of the technical committee of the International Organization of Securities Commissions (IOSCO). He also formerly held a number of positions in the Dutch Government including Minister of Finance from 2002–2003.
Gary Kabureck, Vice President and Chief Accounting Officer, Xerox Corporation
Gary Kabureck is vice president and chief accounting officer of Xerox Corporation, and responsible for Xerox’s worldwide books of account, external and internal financial reporting and finance systems. He is also responsible for Xerox’s Sarbanes—Oxley financial compliance processes, internal control, audit coordination activities and finance training. He is the interface with the company’s auditors and maintains develops and interprets accounting policies. Kabureck is a member of the Financial Executives International (FEI) National Committee on Corporate Reporting and is chairman of the FEI’s FASB subcommittee. In addition, Kabureck is a member of the Standing Advisory Group to the Public Companies Accounting Oversight Board (PCAOB) and from 2008- 2011 was a member of the advisory council to the Financial Accounting Standards Board.
Joseph Longino, Principal, Sandler O'Neill + Partners, L.P.
Joseph Longino is a Principal of Sandler O'Neill + Partners, L.P., a full-service investment banking firm and broker-dealer focused on the financial services sector. A member of the firm’s Investment Strategy Group, Joe is a primary resource to Sandler O’Neill clients on supervisory, regulatory, and accounting matters, and he also assists with financial, risk management, and strategic planning matters. Joe is a member of the Financial Accounting Standards Advisory Council (FASAC), which consists of a diverse group of senior accounting experts who advise the Financial Accounting Standards Board (FASB) on a broad range of matters affecting financial accounting and reporting standards in the private sector. He is also co-chair of the U.S. chapter of the Corporate Reporting Users’ Forum (CRUF), an international discussion forum committed to engaging the FASB and IASB as they set accounting standards. Drawn from both the equity and fixed-income buy side and sell side, CRUF participants are typically heads of research, senior industry analysts, or portfolio managers.
Jenifer Minke-Girard, Office of the Chief Accountant, U.S. Securities and Exchange Commission
Jenifer Minke-Girard is a Senior Associate Chief Accountant in the Office of the Chief Accountant (OCA) at the SEC and has been a co-supervisor of OCA’s Accounting Group since 2002. Ms. Minke-Girard is responsible for the processes related to oversight and monitoring of the activities of the FASB and the IASB on major projects, and she has also been involved in staff studies and Commission rulemaking projects. She joined the SEC staff in 1998 and has previously served in the role of Assistant Chief Accountant and Associate Chief Accountant in OCA.
Dan Montgomery, Deputy Chair, International Auditing and Assurance Standards Board (IAASB)
Dan Montgomery is Deputy Chair of The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting body that serves the public interest by setting high-quality international standards for auditing, assurance, and other related standards, and by facilitating the convergence of international and national auditing and assurance standards. Mr. Montgomery is a senior partner in the Global Professional Practice department of Ernst & Young, and is the firm’s Global Director of Auditing and Assurance Standards, Methodology & Implementation. Mr. Montgomery is responsible for the firm’s Global Audit Methodology and audit tools. He also is involved with the development of assurance policies and procedures, as well as audit-related training programs and firm publications on auditing matters. Mr. Montgomery is a former member of the U.S. Auditing Standards Board and currently serves as chair of the AICPA’s International Auditing Standards Task Force.
Kathy K. Murphy, Chief Accountant, Office of the Comptroller of the Currency (OCC)
Kathy K. Murphy is the Chief Accountant at the Office of the Comptroller of the Currency (OCC). In July 2011, she represented the Chief Accountants of the four federal financial institution regulatory agencies in the SEC's Roundtable on International Financial Reporting Standards in the United States. These agencies collectively regulate over 15,000 financial institutions in the United States. As Chief Accountant, Ms. Murphy serves as the OCC's authoritative source for bank accounting and financial reporting, providing accounting counsel to examiners, the banking industry and the accounting profession. Ms. Murphy has been instrumental in developing views on both domestic and international accounting standards and analyzing the impact of these standards on financial institutions.
Gregg L. Nelson, Vice President - Accounting Policy & Financial Reporting, IBM
Gregg Nelson is the Vice President of Accounting Policy and Financial Reporting for the IBM Corporation. He is responsible for the company’s SEC reporting and also for development of the company’s internal accounting policies. This includes analyzing proposed accounting standards, developing company positions on emerging accounting / reporting issues and providing transaction / issue support to company management. In addition, Gregg is responsible for IFRS policy and implementation at IBM which includes the development of IFRS accounting policies used by the company's statutory entities, and providing guidance for country conversions from local GAAP to IFRS. Gregg is a member of the company’s Financial Policy Committee and an advisory member of the Disclosure Committee. Throughout his career at IBM, he has had numerous accounting and finance positions, including divisional and group CFO positions. Gregg is a member of Financial Executives International's Committee on Corporate Reporting and is a former member of the IASB's Global Preparer's Forum.
Joel Osnoss, Global IFRS Leader - Clients and Markets, Deloitte & Touche LLP
Joel Osnoss is the Global IFRS Leader – Clients and Markets and the partner-in-charge of Global IFRS and Offerings Services Group of Deloitte & Touche LLP. He has more than thirty years of experience in providing assurance and advisory services to multinational SEC-registered companies. He has worked with companies in a variety of industries in several countries, providing advice on the application of US GAAP, IFRSs, and the SEC's regulations in connection with US capital markets transactions. Joel is also the member, on IASB's IFRS Advisory Council and a member, of DTTL’s Global Audit Leadership Team (GALT). Joel is formerly a member of FASB's Financial Accounting Standards Advisory Council and Deloitte representative on the International Practices Task Force of the Center for Audit Quality.
Leslie F. Seidman, Chairman, Financial Accounting Standards Board (FASB)
Leslie F. Seidman was named Chairman of the Financial Accounting Standards Board (FASB) by the Financial Accounting Foundation, effective December 23, 2010. As Chairman of the FASB, Ms. Seidman is responsible for managing the organization’s day-to-day activities and leading the Board’s efforts to develop high-quality financial reporting standards that result in decision-useful information for investors and other users of financial statements. Prior to her work at the FASB, Ms. Seidman was a vice president in the accounting policies department of J.P. Morgan & Co. Inc., where she was responsible for establishing accounting policies for new financial products, particularly securities and derivatives, and analyzing and implementing new accounting standards.
Marc A. Siegel, Board Member, Financial Accounting Standards Board (FASB)
Marc A. Siegel was appointed in October 2008 to a five-year term with the Financial Accounting Standards Board (FASB). In this role, he brings an investor perspective to the Board that establishes U.S. generally accepted accounting standards for private-sector entities, including businesses and not-for-profit organizations. A recognized expert in forensic accounting, Marc has 20 years of experience in diverse and global industries that include technology, media, telecommunications, healthcare, retail, and insurance. Prior to his appointment to the FASB, he led the Accounting Research and Analysis team at the RiskMetrics Group in Rockville, Maryland. Previously, he was the Director of Research at the Center for Financial Research & Analysis (CFRA) prior to that firm’s acquisition by RiskMetrics Group. In this capacity, he was responsible for CFRA’s proprietary research methodology for identifying hidden risks of business deterioration through forensic financial statement analysis, leading a team of twenty five analysts in North America and Europe. He joined CFRA in 2001, after spending ten years at Arthur Andersen LLP as both an auditor and a financial consultant focusing on litigation support.
Pinto Suri, Principal, Prudential Fixed Income
Pinto Suri is a Principal of Prudential Fixed Income’s Credit Research Group, where he covers the insurance sector. Before joining Prudential Fixed Income, Mr. Suri was a Managing Director and member of the investment committee at Flaherty & Crumrine, Inc., an investment manager where he covered banks and insurers across the U.S. and Europe. Mr. Suri has been an active member of the Corporate Reporting Users Forum, a global organization formed to enable professional investors and analysts to engage in the debate on current and future corporate reporting issues. Prudential Fixed Income, a business of Prudential Financial, Inc., is one of the largest fixed income asset managers in the U.S. with $348 billion in assets under management as of June 30, 2012.
Michael Tovey, Managing Director, Group Accounting Policy, UBS
Michael Tovey is a Managing Director in UBS's Group Accounting Policy function. He joined UBS in 2006 and is responsible for leading the Group Accounting Policy’s Business Support team, which provides accounting advice and transaction approvals to all of UBS's business divisions. Prior to joining UBS, Mike was a project manager at the Financial Accounting Standards Board, where he covered stock-based compensation and revenue recognition. Mike started his career at Deloitte where he worked in a number of roles, including as an advisor in Deloitte’s national technical practice, as Deloitte's FASB practice fellow (2002-2004) and an international assignment in Madrid, Spain. Mike is based out of Stamford, CT.