This panel on “Audit Committee Evolving Trends” addressed what audit committee members should be considering about several financial, accounting and reporting issues:
- The impact and lessons for the audit committee from the current financial crisis, including information about sources and uses of liquidity, access to capital, exposure to counterparties and other third parties, fair value and impairment issues (including SFAS 157), pensions and related disclosures;
- Adoption of International Financial Reporting Standards by U.S. companies, including the SEC’s roadmap to adoption; and
The SEC’s initiative to require financial statements to be filed using interactive data, also known as extensive business reporting language (XBRL).
The session was moderated by Foley Partners Arthur H. Bill and Mark T. Plichta and included panelists: Richard Herlin, Partner, Deloitte & Touche, LLP, Isaac Kaufman, Senior Vice President and Chief Financial Officer of Advanced Medical Management, and Cheryl Mayberry McKissack, Founder, President and CEO of Nia Enterprises, LLC.