The FENG IFRS/US GAAP Convergence S.I.G.
Next MeetingNo upcoming meetings.
About the IFRS/US GAAP Convergence S.I.G.
Both U.S. GAAP and the International Financial Reporting Standards (“IFRS”) are in the midst of significant changes as authorities near the end of a 5-year convergence program designed to minimize the fundamental differences between the two accounting standards.
The IFRS and U.S. GAAP Convergence Special Interest Group was created:
1. To provide FENG members with a central source for information on the changes underway in both U.S. GAAP and IFRS standards,
2. To provide an on-going peer support forum for members dealing with implementation challenges under U.S. GAAP or IFRS.
Our objective during the summer of 2011 is to build an information and knowledge resource base that can identify important reference sources and reduce the time required by FENG members to keep current with these changes. Thereafter, we expect to be able to provide a forum within FENG to help FENG members address issues they face in implementing the changes in the standards.
Benefits to FENG members:
1. For those in transition an efficient means for keeping current on evolving U.S. GAAP and IFRS changes
2. For members engaged in implementing changes under either U.S. GAAP or IFRS changes, a peer group forum for asking questions and sharing experiences.
Please join us and if you are able to provide some support to one of the convergence topics (leasing, revenue recognition, financial instruments etc.
- Bob Kinzer
- Diane Muscardin
- Tom Hall
- TOM HALL is an accounting, internal audit and financial reporting executive. He serves as a consultant and certified instructor in IFRS (International Financial Reporting Standards) for RESOURCES GLOBAL PROFESSIONALS clients, currently serving an $800 billion Financial Services/Insurance Company in New York since 2006. Additionally, Tom is the Principal of the consultancy firm CFO & CORPORATE GOVERNANCE SOLUTIONS in New York.
Tom has 25 years industry experience as a finance executive working with companies including Marathon Oil Company, Atlantic Savings Bank, GSO Capital Partners (Member of The Blackstone Group), U.S. Steel Corporation and American Lawyer Media, Inc.; and seven years in public accounting, including KPMG. Positions held include CFO, Chief Accounting Officer, Controller, Treasurer and Chief Audit Executive.
He is also an Adjunct Assistant Professor at NEW YORK UNIVERSITY (NYU) specializing in IFRS instruction. Additionally, Tom is the Global Co-Chair of FENG's (Financial Executives Networking Group) "IFRS/U.S. GAAP Convergence Group". Mr. Hall is a CPA and MBA; and an alumnus of the University of Illinois, University of Toledo and Columbia University.
Tom Hall – CPA, CGMA, MBA, IFRS
CFO & Corporate Governance Solutions
29 W. 64th Street – Suite 1E
New York, NY 10023
- Fred Peters
- FRED PETERS, ICD.D, ACC
BASc., MBA, CGA, CFA
Experienced in both U.S GAAP and Canadian GAAP, Fred draws from his hands-on CFO experience with several different organizations and as Audit Committee Chair to provide pragmatic and timely solutions. In addition to IFRS related engagements, Fred provides part-time and interim CFO services.
Fred has been guest speaker and chaired IFRS conferences and seminars and written articles on IFRS for the Institute of Corporate Directors’ newsletter and other publications.
His focus is on IFRS impact assessments, policy advisory support and IFRS transition management services. Engagements have included:
• IFRS Transition Team Leader for a 5-person team for ResMor Trust and Ally Credit Canada (formerly GMAC Canada), Canadian divisions of Ally Financial Inc. Responsibilities included ensuring compatibility with U.S. GAAP reporting requirements of U.S. parent.
• IFRS advisor to Equitable Trust, a publicly listed Canadian trust company.
• IFRS advisor to Northfield Capital Corp, a resource-focused investment management company.
In depth IFRS policy expertise and specific responsibilities included:
• Structured Project Plan and structured work effort into 7 Operational Work-streams (bottom-up analysis) and 10 Enterprise Work-streams (top-down analysis)
• All Audit Committee and management level reporting on the IFRS transition project
• Preparation four semi-annual IFRS Transition Progress reports submitted to OSFI
• Analysis of the impact of IFRS issues on the regulatory capital reporting requirements
• Development of accounting policies and disclosure notes for five reporting entities
• Analysis of all aspects of policies related to Financial Instruments.
• Development of an asset classification policy framework and design of an accounting framework to support dual reporting under IFRS and U.S. GAAP.
• Policy for derecognition of assets included in securitization programs including development of a quantitative analysis model essential for assessing the transfer of risks and rewards.
• Developed an accounting policy for income and expense recognition related to the sale, financing and ongoing retained interests for assets sold under securitization programs.
• Developed an accounting policy framework for continuing involvement accounting.
• Led detailed review of loan administration and deposit taking systems compliance with the effective interest method for amortization of expenses. Review included identification and definition of appropriate treatment of initial expenses related to sourcing and servicing of assets and issuance of liabilities and calculation of related periodic amortization entries.
During the past five years Fred was a part-time lecturer in finance at Rotman School of Management, University of Toronto where he taught a second year MBA course on Financial Institutions and the Capital Markets, with particular emphasis on issues related to the recent credit crisis.
A Certified General Accountant (CGA) and Chartered Financial Analysis (CFA) and a member of the Institute of Corporate Directors, Fred holds the related designations of ICD.D and Audit Committee Certified (ACC).
- David Green
- Steve Weiss