Photos and Highlights From the 2007 Conference

LUBIN FORUM ON CONTEMPORARY ACCOUNTING ISSUES
"Convergence in Global Financial Reporting and Corporate Governance: Charting a Course for the Future"
April 26th, 2007

>> Streaming video clips of the Accounting Forum (RealPlayer)
>> Conference Agenda
>> Keynote Speaker biographies


Conference Takeaway:
Given the significant progress made in converging U.S. GAAP and International Financial Reporting Standards (IFRS) and the rapid adoption of IFRS by several countries, many of the panelists felt that since the costly 20-F reconciliations do not provide useful information to investors, it is time for the SEC to dispense with these requirements for U.S.-listed foreign firms.

Many of the panelists, including Pat Edgar, KPMG, also felt that the costs of complying with SOX are significant, but these costs will decrease in the future. Some panelists also noted that several industrialized nations are taking steps to parallel U.S. corporate governance standards; provisions somewhat similar to Section 404 of SOX are in place in Japan and France.
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Dr. Rudy Jacob, chair of the Accounting department, kicking off the conference. (Click for streaming video of the introductions).
Lubin's Dean Joseph R. Baczko welcomed the speakers and audience.
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The Honorable Paul S. Sarbanes, Former Senator (D-MD), gave the morning keynote. (Click for streaming video of the morning keynote.)
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Panel I, the International Accounting Panel, included (left to right) Philip Finn, Professor, Lubin School of Business, Pace University; Michael Crooch, Board Member and Director of Major Projects, Financial Accounting Standards Board; Paul Bennett, Chief Economist, NYSE Group; moderator Joanne Ramos , Global Banking Correspondent, The Economist; David Schmid, Partner and Leader, U.S. Global Accounting and Consulting Services (IFRS Consulting) Group, PricewaterhouseCoopers; Trevor Harris, Managing Director, Morgan Stanley; and D.J. Gannon, Partner, U.S. National Office and Leader, IAS Centre of Excellence - Americas, Deloitte & Touche.
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Michael Crooch from FASB (left) making a point during Panel I. (Click for streaming video of Panel I.)
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D.J. Gannon (far right) making a point during the International Accounting Panel.
Robert Herz (left) of FASB being interviewed by Floyd Norris of The New York Times. (Click for streaming video of the interview.)
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[Accounting Conference]   You have to wear the t-shirt for the investors in the capital markets if you're in this game...
- Bob Herz
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Panel II, the Corporate Governance Panel, included (left to right) Dan Tinkelman, Professor, Lubin School of Business, Pace University; Jim Sylph, Executive Director, Professional Standards, International Auditing and Assurance Standards Board; Charles D. Niemeier, Board Member, Public Company Accounting Oversight Board; Michael S. Emen, SVP, Listing Qualifications, The NASDAQ Stock Market; moderator Brooke Masters, Senior Business Reporter, Financial Times; Susan Frieden, Global Managing Partner - Quality and Risk Management, Ernst & Young; Pat Edgar, Partner, KPMG; and Michael Hultberg, Executive Director, Time Warner.
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Charles Niemeiler (center) making a point during Panel II, the Corporate Governance Panel. (Click for streaming video of Panel II.)

Pat Edgar, BBA '85, of KPMG, making a point on the Corporate Governance Panel.
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Tom Jones (right) of IASB being interviewed by Alan Murray of The Wall Street Journal. (Click for streaming video of the interview.)
[Accounting Conference]   David Schmid asking a question during Panel II while Pace trustee Mark Besca, BBA '81, Managing Partner, Ernst & Young, looks on.


Rudy Jacob gave a summary recap of the Conference.
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[Accounting Conference]   Dean Baczko thanked all the participants in his closing remarks. (Click for streaming video of the closing remarks.)
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Over 100 senior professionals in the industry attended the by-invitation-only event.
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Senator Sarbanes talking with Michael Cangemi, BBA '70, CEO, Financial Executives International.
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Conference keynoters pose with Dean Baczko and Dr. Jacob. From left to right: Tom Jones, Rudy Jacob, Senator Sarbanes, Joe Baczko, Robert Herz.