Report on Improvements to Financial Reporting

On February 14, 2008, the SEC's Advisory Committee on Improvements to Financial Reporting issued a progress report on the Committees' proposals, conceptual approaches and future considerations on improving the financial reporting system in the U.S. The Executive Summary of the report highlights five main themes:

1. Increasing emphasis on the investor perspective in the financial reporting system
2. Consolidating the process of setting and interpreting accounting standards
3. Promoting the design of more uniform and principles-based accounting standards
4. Creating a disciplined framework for the increased use of professional judgment
5. Taking steps to coordinate generally accepted accounting principles in the U.S. (GAAP) with international financial reporting standards (IFRS).

Click here to read the Progress Report on Improvements to Financial Reporting

In an SEC-issued press release, SEC Chairman Cox stated that he has asked the Commission's staff to "analyze the report and its proposals, and to provide recommendations to the Commission for possible consideration later this year."

Buyside Operations Meeting

The Asset Managers Forum (the buyside operations group of AMG) will hold its quarterly business meeting on Thursday, February 28, 2008 from 8:30 am - 2:25 p.m. at 360 Madison Avenue (entrance on 45th Street) in New York City.

The theme of the meeting is "Implementing Best Practices and Standards." In following with this theme, members will discuss the following buy side operations initiatives which include:

-- derivatives processing
-- corporate actions
-- collateral management
-- standardized fail reporting
-- overdrafts prevention and resolution
-- enhancing STP

During the luncheon portion of the meeting, Robert Klehm of Cutter Associates will discuss using metrics and benchmarking to improve operations and technology. Participating members will also hear about important NASDAQ and Options Symbology changes that will have an impact on operations functions. Members will also discuss how the AMF has helped to improve industry practices and specifically, how the improvement has lead to better business practices at member firms.

All members of AMG / AMF are invited to participate in this operations-focused business meeting. However, pre-registration is required. Please register at the link below. If you have any questions, please contact Diane Trupia at 212-313-1170 or at dtrupia@sifma.org.

Click here to register for the AMF Member Meeting

Important Publications: Washington Weekly
Weekly Report of the American Securitization Forum
SIFMA SmartBrief (past five issues)