STAY CURRENT – INFORMED – PREPARED – COMPETITIVE November 17 – 18 | New York City Financial Executives International is providing exclusive access to today’s foremost financial thought-leaders. Attend and gain perspectives on the latest accounting and reporting developments from the FASB, PCAOB and SEC. ZACHARY KARABELL President River Twice Research MARCI ROSSELL Former CNBC Chief Economist Co-Host of SQUAWK BOX Revenue Recognition | 2013 Revised COSO Framework | Disclosure Simplification Year-End Reporting Trends | Audit Committees’ & Controllers’ Roundtables LEARN MORE & REGISTER cfri.financialexecutives.org EARN UP TO 14.5 CPE CREDITS SCHEDULE-AT-A-GLANCE FEI would like to thank the following 2014 sponsors and exhibitors for their support and participation. PLATINUM SPONSORS * Monday, November 17 * * * * * ELITE SPONSORS CORPORATE SPONSOR * – 5:30 pm Registration 7:30 am – 8:30 am Sponsored Breakfast Sessions 8:40 am – 8:55 am Welcome and Opening Remarks 8:55 am – 9:45 am Opening Keynote Address 9:45 am – 11:00 am General Session 11:00 am – 11:30 am Networking Break in Exhibit Hall 11:30 am – 12:45 pm General Session 12:45 pm – 2:00 pm Luncheon in Exhibit Hall 2:00 pm – 3:15 pm General Sessions 3:15 pm – 3:45 pm Networking Break in Exhibit Hall 3:45pm – 5:00 pm Concurrent Sessions 5:00 pm – 6:15 pm Reception in the Exhibit Hall Sponsored by Deloitte Tuesday, November 18 EXHIBITORS Advanced Business Solutions American Appraisal Bloomberg BNA Becker Professional Education Compliance Week Crowe Horwath, LLP DataTracks Deloitte, LLP* DisclosureNet 6:30 am Duff & Phelps EASI Equity Methods Excel4apps EY* Intelligize KPMG, LLP Merrill Bridge Microsoft* PwC, LLP* Resources Global Professionals Robert Half Management Resources* SEC Professionals Group The Siegfried Group SmartPros Ltd.* Solium Vertex Workiva Wdesk 6:30 am – 2:00 pm Registration 7:30 am – 8:30 am Breakfast Sessions 8:40 am – 8:50 am Opening Remarks 8:50 am – 9:40 am Morning Keynote Address 9:40 am – 10:55 am General Session 10:55 am – 11:25 am Networking Break in Exhibit Hall 11:25 am – 12:40 pm General Session 12:40 pm – 1:40 pm Luncheon in Exhibit Hall 1:40 pm 2:55 pm General Session 3:00 pm – Closing Remarks For information about exhibit or sponsorship opportunities please contact Jason Cohen at [email protected] or 973.765.1096. Exhibitor and Sponsor Listing as of September 10, 2014 *Denotes FEI Strategic Partner 2 Current Financial Reporting Issues Conference 2014 Agenda subject to change. November 17 – 18 | New York City 3 KEYNOTE SPEAKERS ZACHARY KARABELL KEYNOTE SPEAKERS President, River Twice Research Authority on Politics, the Global Economy, and International Relations MARCI ROSSELL Former CNBC Chief Economist and Co-Host of SQUAWK BOX Whether we feel optimistic or pessimistic about the future is often determined by Marci Rossell electrifies audiences nationwide, speaking on the nexus of the numbers we read about in the news – GDP, inflation, unemployment, and trade. economics, politics, culture and the media. Her animated style was honed when Zachary Karabell – author of The Leading Indicators: A Short History of the Numbers she served as the popular, lively Chief Economist for CNBC in the months That Rule Our World – tackles the limitations of these metrics and taps into the immediately following September 11. Rossell takes complex economic issues, power of data to answer the important questions about our economy. In a world often dull in the button-down business press, and makes them relevant to saturated by bad news and press, he offers a tour de force of how these numbers people’s lives, families, and careers. shape our world, presenting an optimistic view of what’s to come and showing that optimism is a vital ingredient in capitalizing on current economic opportunities. From the interconnectedness of the world’s financial markets all the way down to how fiscal policy affects American business, Karabell addresses the trends that will most affect our economy and lives in the years to come and challenges common assumptions in the discussion of global economics. Prior to her career in broadcast journalism, Rossell served as Corporate Economist and Investment Spokesperson for OppenheimerFunds, one of the nation’s largest mutual fund companies. Before moving to Wall Street, she was an expert witness for Deloitte and Touche in court cases involving economic issues. She began her career as an economist with the Federal Reserve Bank of Dallas. She has served as a visiting professor at DePaul University. Karabell is president of River Twice Research and River Twice Capital Advisors, where he analyzes economic and political trends. Previously, he was the executive vice president and chief economist at Fred Alger Management and president of Fred Alger and Company. A recognized authority on the emergence of China in the global economy, he served as the portfolio manager of the China-U.S. growth fund, which won a five-star designation from Morningstar. He was also executive vice president of Alger’s Spectra Funds, which launched the Spectra Green Fund based on the idea that profit and sustainability are linked. 4 Current Financial Reporting Issues Conference 2014 November 17 – 18 | New York City 5 THOUGHT-LEADERS THOUGHT-LEADERS KENNETH BEMENT, CPA Director, Financial Reporting and Corporate Accounting Raytheon Company ARNOLD HANISH, CPA Vice President and Chief Accounting Officer (retired) Eli Lilly and Company FRANK BROD, CPA Corporate Vice President, Finance and Administration and Chief Accounting Officer Microsoft Corporation STACY HARRINGTON Director of Corporate Revenue Assurance Microsoft Corporation NERI BUKSPAN, CPA Partner Ernst & Young LLP MARSHA HUNT, CPA Vice President - Corporate Controller Cummins Inc. JEFFREY BURGESS, CPA National Managing Partner Audit Services Grant Thornton LLP DAVID KANE Partner, Professional Practice Ernst & Young LLP JENNIFER BURNS Partner, Regulatory and Public Policy Group Deloitte LLP LORETTA CANGIALOSI Senior Vice President and Controller Pfizer, Inc. PETER CARLSON, CPA Executive Vice President and Chief Accounting Officer MetLife, Inc. WAYNE CARNALL Partner, National Professional Services Group PwC, LLP COLLEEN CUNNINGHAM, CPA Vice President and Controller Zoetis, Inc. NICK CYPRUS, CPA Vice President, Controller and Chief Accounting Officer (retired) General Motors Company RONALD EDMONDS, CPA Vice President and Controller The Dow Chemical Company SAM ELDESSOUKY Senior Vice President, Controller and Chief Accounting Officer Tyco International MARIE GALLAGHER, CPA Senior Vice President and Controller PepsiCo Inc. 6 Current Financial Reporting Issues Conference 2014 JON LUKOMNIK Managing Partner Sinclair Capital LLC DAVE MIDDENDORF National Managing Partner – Audit Quality & Professional Practice KPMG, LLP THOMAS OMBERG Partner Deloitte LLP JAMES QUIGLEY Chief Executive Officer (retired) Deloitte LLP LAWRENCE SALVA, CPA Senior Vice President, Chief Accounting Officer and Controller Comcast Corporation ADEMIR SARCEVIC Vice President, Corporate Audit Pentair Inc. JEFF SHEPHERD Assistant Controller General Motors Company JAMES TURLEY Chairman and Chief Executive Officer (retired) Ernst & Young LLP MICHAEL WIDGREN Vice President, Controller and Chief Accounting Officer Visteon Corporation LINDA ZUKAUCKAS Executive Vice President, Corporate Controller American Express Company November 17 – 18 | New York City 7 BREAKFAST SESSIONS BREAKFAST SESSIONS 1 additional CPE credit per session 1 additional CPE credit per session Monday, November 17 | 7:30 am – 8:30 am Tuesday, November 18 | 7:30 am - 8:30 am Combining Two Companies: A Challenging Multi-disciplinary Exercise Valuation Hot Topics Sponsored by EY Achieving integration success after a merger or an acquisition is a complex undertaking involving all functional and business components of an organization. Finance professionals are often asked to help align the business strategies of the enterprises, realize synergies in the finance and accounting departments, account for and report the acquisition in the financial reports.. Join EY for a session highlighting these and other post-closing challenges and solutions and best practices that have been informed by many past transactions. Our panel will include finance executives who have completed a major acquisition integration. Revolutionize Your Financial Processes: Change the Way You Drive Corporate Performance Sponsored by Microsoft Join the Microsoft Finance team as they share their best practices and strategies for real-time business analytics. Learn how the $86 billion company gets immediate answers to questions, accelerates the close process while giving leadership the tools needed to direct corporate strategy. These are the tools you need to achieve instant transparency into revenue and spend that will translate into greater performance and growth. Transforming the Finance Function Sponsored by Duff & Phelps This breakfast session will review an array of current valuation issues in financial reporting, including business combinations, goodwill impairment, fair value and cost of capital. Financial Carve Outs – Not Just a Tactical Process Sponsored by KPMG, LLP Complexities of financial statement carve-outs for spin-offs or divestitures are often overlooked as companies plan to execute such transactions. The preparation of financial information related to these transactions can delay timelines and lead to value leakage. Join KPMG’s Accounting Advisory professionals during this informative roundtable session as they provide insights and best practices for the execution of carve-out exercises. The Impact of Regulators Increased Scrutiny of Internal Controls Sponsored by SmartPros, Ltd. Recent statements by the Chief Accountant of the SEC and board members of the PCAOB confirm that regulators are increasing their scrutiny of documentation and testing of internal controls. This scrutiny has resulted in the PCAOB requiring that audit opinions be withdrawn subsequent to filing with the SEC and comment letters from the SEC questioning internal controls. This panel will discuss effective strategies and tactics to ensure that companies’ documentation and testing will withstand this scrutiny. Sponsored by PwC, LLP What will your role look like in five years? At a time when growth opportunities are hard to identify and execute, the finance function is increasingly challenged to provide their organization with a strategic edge. Challenges from new and existing stakeholders around external communication and reporting are also putting increased pressure on finance at a time when minimizing costs is important. Given these challenges, is your finance function ready for the future? By sharing lessons learned from global companies, and discussing our expectations for the future, this session examines how finance’s role is changing and how creating the right operational model: (e.g., outsourcing / shared services, operational controllerships, etc.) can enable finance to deliver on the needs of the business more effectively and efficiently. 8 Current Financial Reporting Issues Conference 2014 November 17 – 18 | New York City 9 CONCURRENT SESSIONS GENERAL SESSIONS Please select one session per designated time. Monday, November 17 | 3:45 pm – 5:00 pm Monday, November 17 COSO 2013 FASB Update With less than a month before its December 15, 2014 effective date, COSO’s 2013 Framework supersedes the ground-breaking 1992 Framework. In this panel discussion, you will learn how leading companies are handling the transition to the COSO 2013 Framework and the implementation issues they may encounter as year-end approaches. Large, small and mid-size companies can gain valuable insights from larger companies that are further along in their implementation. 9:45 am – 11:00 am Panelists will discuss current and ongoing Financial Accounting Standards Board (FASB) projects including the converged revenue recognition transition, simplification, lease accounting and other initiatives. Revenue Recognition 11:30 am – 12:45 pm Improving Efficiency in the Financial Reporting Process This session will address ways on how to increase efficiency within the financial reporting process and evaluate potential options such as centers of excellence and shared services. Companies may need to respond to SEC comment letters and/or audits periodically as the compliance environment changes in response to PCAOB inspections. In this session, you will learn best practices that leading companies have put in place to navigate this landscape successfully. Following the issuance of the converged revenue recognition standard, what should companies be focusing on today? This session will explore emerging interpretive and implementation issues and regulatory requirements. Audit Committees’ Roundtable: Evolving Role of the Audit Committee 2:00 pm – 3:15 pm This session will cover the key issues challenging audit committees today, including: Views on identifying and assessing risk, communication with management and auditors, compliance issues such as SEC pre-clearance; and the many challenges ahead. Disclosure Simplification This session will focus on, from both a preparer and legal perspective, strategies to improve the effectiveness of communicating what’s most important to users of an entity’s financial statements and accompanying disclosures. Tuesday, November 18 Emerging Trends for Year-End Reporting 9:40 am – 10:55 am With perspectives from preparers and auditors, this session will cover what CFOs and Controllers should be aware of heading into year-end reporting, as well as, emerging financial reporting trends. Update and Q&A with the PCAOB and SEC 11:25 am – 12:40 pm In this session, the PCAOB’s current initiatives and their impact on companies, auditors and audit committees will be discussed. You will also learn about the recently released guide for audit committees. Senior members of the SEC staff will also discuss proposed new rules, common issues noted in reviews of SEC registrant filings, as well as, the SEC’s leading accounting and disclosure projects. Controllers’ Roundtable 1:40 pm – 2:55 pm Companies are faced with competing controllership priorities as they work to enhance individual, functional and corporate performances. Controllers from several leading companies will highlight and debate on key controllership issues they are addressing in the current environment. 10 Current Financial Reporting Issues Conference 2014 November 17 – 18 | New York City 11 VENUE NETWORK WITH PEERS EVENING RECEPTION Monday, November 17 | 5:15 pm – 6:30 pm | Westside Ballroom Sponsored by Network with exhibitors as they share their products, services and solutions during this event. Connect with colleagues and peers over hors d’oeuvres, cocktails and entertainment. HALL OF FAME GALA Monday, November 17 | 7:00 pm - 11:00 pm | Gotham Hall 7:00 pm – 8:00 pm | Cocktail Reception New York Marriott Marquis 1535 Broadway (Between W. 45th & 46th Streets) New York, New York 10036 HOTEL RESERVATIONS FEI has arranged for a group block of rooms at a rate of $375 single / $405 double plus tax and services. The Marriott requires a one-night credit card deposit upon making reservations. To ensure a full refund the hotel cancellation policy requires 72 hrs. notice. FEI and the Marriott are unable to guarantee room rate if reservation is made after the cut-off date of Monday, October 20 or if the room block sells out earlier, whichever comes first. Reservations can be made by calling 877.303.0104 (mention FEI’s CFRI conference). To reserve a room online, please visit: https://resweb.passkey.com/Resweb.do?mode=welcome_ei_ new&eventID=11208017 ** Less expensive room rates may be available through third-party Internet brokers such as hotels.com; priceline. com and kayak.com. Please note that these discounted rates require full prepayment at the time of the booking, have considerable restrictions and in some cases are non-refundable. FEI cannot intervene on your behalf for early or late check in or if your travel plans change. FEI respectfully requests that you notify us in the event you do book your room via a discount online broker to enable us to track attendance. 12 Current Financial Reporting Issues Conference 2014 8:00 pm – 11:00 pm | Dinner followed by Induction Ceremony In its ninth year, the FEI Hall of Fame continues to provide recognition to senior-level financial executives who have epitomized the performance, leadership and integrity of the most exemplary financial professionals throughout their careers and in doing so, have made significant contributions to the betterment of their respective organizations and to the profession as a whole. The 2013 inductee class will be formally honored during an induction ceremony at the Hall of Fame black-tie gala on November 17 at Gotham Hall in New York City, in conjunction with FEI’s 33rd Annual Current Financial Reporting Issues (CFRI) Conference. This year’s inductees include: Robert T. Blakely former CFO WorldCom Gaylen N. Larson former Chair COSO Robert L. Ryan former CFO Medtronic For more details about this year’s inductees and the FEI Hall of Fame please visit www.feihall.org. November 17 – 18 | New York City 13 REGISTRATION INFORMATION Conference Rates Early Rate (by 10/18/14 Standard Rate (after 10/18/14) Member $1,145 $1,345 Nonmember $1,495 $1,695 Day Rate (11/18 or 11/19) $745 $745 Group (4 or more; per person) $995 $1,195 FEI Membership + Conference Registration $1,020 Registration fees include all conference sessions (Monday, November 17 and Tuesday, November 18) and the Exhibit Hall Evening Reception (Monday, November 17). Also provided and included are daily breakfasts, refreshment breaks and luncheons. Additionally, all attendees will receive on-site conference materials to ensure a superior experience. FEI Conference Registration Cancellation Policy Substitutions and cancellations may be made at any time and must be sent in writing via email, [email protected]. The following cancellation schedule will apply: REGISTRATION FORM MORE WAYS TO REGISTER ONLINE CFRI.FINANCIALEXECUTIVES.ORG | CALL 973.765.1029 Registration Type CFRI 2014 Conference Day Pass Group Rate (4 or more ppl / per person rate)  Member  Nov. 17  First Name, Last Name (Please type or print)  Nonmember  Nov. 18 Name for Badge Title Company Business Address City/State/Prov Zip/Postal Code Business Phone Business Fax E-mail (required) Admin’s Name (if applicable) Phone E-mail • On/before October 19, 2014: Refund granted minus a $75.00 processing fee. • October 20 - 26, 2014: A credit letter towards another live conference will be emailed post conference, good for following year, minus a $75.00 processing fee. • After October 26, 2014/No-Shows: FEI is unable to grant a refund or credit towards another conference. EARN VALUABLE CPE CREDITS Financial Executives International (FEI) is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website, www.learningmarket.org. Instructional method: Group-Live Recommended CPE Credits: up to 14.5 (pending approval) Experience Level: Basic Prerequisites/advance preparation: None For FEI CPE credits, one credit hour equals 50 minutes according to NASBA guidelines. Some state boards may differ on how minutes constitute a credit hour. Contact your state board for more information. Questions, comments or complaints? Contact an FEI staff member at [email protected] or by phone at 973.765.1029. 14 Current Financial Reporting Issues Conference 2014  I do not wish to receive pre-conference information from conference sponsors which may include VIP events, reports, discounts and other materials. In accordance with Americans with Disabilities Act, do you have any physical or dietary needs?  No Yes If yes, please specify:__________________________________________________ Payment Type  American Express®  Diners Club®  Discover ®  MasterCard® Card Number  Visa®  Check Expiration Date Card Holder’s Name SignatureDate Mail to: Financial Executives International, Attn: Conference Department 1250 Headquarters Plaza, West Tower, 7th Floor, Morristown, NJ 07960 All fees MUST be paid in advance and should accompany a registration form. November 17 – 18 | New York City 15 CFRI.FINANCIALEXECUTIVES.ORG LEARN MORE & REGISTER FEI would like to recognize our Strategic Partners. We are proud of our association with these fine companies. Current Financial Reporting Issues c/o Financial Executives International 1250 Headquarters Plaza West Tower, 7th Floor Morristown, New Jersey 07960 Presort First Class U.S. Postage PAID