Recorded January 14, 2010

90 minutes

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Overview

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have reaffirmed their commitment to achieving convergence between International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP).

While most banking and insurance industry participants understand the long-term benefits of truly-international accounting standards, few comprehend the potential impact on their financial statements and operations. One significant project of interest to financial institutions and insurance companies is the replacement of current financial reporting requirements for financial instruments. How will financial assets be classified and measured? Others may simply want to know what would be involved in IFRS adoption and conversion should US policy-makers allow or require adoption.

Listen in as a FASB Board Member and an IFRS convergence consultant offer their guidance on what you can expect.

Agenda

Learning Objectives

Speakers

Dr. Thomas J. Linsmeier, Financial Accounting Standards Board, Board Member

An award-winning teacher and researcher with particular expertise in financial reporting for derivatives and risk-management activities, Dr. Linsmeier was formerly Russell E. Palmer Endowed Professor and Chairperson of the Department of Accounting and Information Systems at Michigan State University.

He also has served as academic fellow and special consultant to the Office of the Chief Accountant at the U.S. Securities and Exchange Commission (SEC), where he was responsible for developing U.S. financial reporting disclosure rules relating the market risk inherent in derivatives and other financial instruments. In addition, he has held professorial appointments at the University of Iowa and the University of Illinois at Urbana–Champaign. Dr. Linsmeier is a certified public accountant.

Dr. Linsmeier has served as chairman of the Financial Accounting Standards Committee and president of the Financial Accounting and Reporting section of the American Accounting Association. He is a member of the American Institute of Certified Public Accountants and received his B.B.A. from the University of Wisconsin–Milwaukee and his Ph.D. and M.B.A. from the University of Wisconsin–Madison.

Dr. Linsmeier was appointed as a member of the Financial Accounting Standards Board (FASB) in July 2006; current FASB term on ends on June 30, 2011.

Susan Thetford, CPA

Susan is an international instructor and consultant specializing in the implementation and application of International Financial Reporting Standards (IFRS), US Generally Accepted Accounting Principles (US GAAP) and International Standards on Auditing (ISA). A specialist in bank accounting issues, she has presented conferences, seminars and workshops in the US, the UK, France, Switzerland, Brazil, Canada, Mongolia, Central Asia, Ukraine, Africa, and the Balkans. In addition to teaching and consulting, Susan has written IFRS technical material for a major US publisher. She is a US Certified Public Accountant (CPA), and was previously the Regional Accountant for the Office of Thrift Supervision. Prior to that, she was a Senior Audit Manager with Deloitte & Touche. Susan received her MBA in Accounting from the University of Texas at Arlington and is a former Vice President and member of the Board of Directors of the Dallas Chapter of the Texas Society of CPAs.

Nathan Stovall (moderator), Senior Industry Editor, FIG, SNL Financial

Who will benefit

• Accountants, auditors and controllers

• CEOs, Presidents, CFOs, and Treasurers at financial institutions and insurance companies

• Finance Directors / Managers / Analysts

• Investment analysts, portfolio managers and potential investors in the sector

• Investor relations professionals

• Investment banking professionals

• Legal advisors

• Consultants

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