On-Demand Internet Broadcast
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Monday, December 08, 2008 -
Length: 1 hour
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Conference Information
A new set of financial reporting standards is proposed and scheduled to be adopted in the United States, and the impacts will be felt across American industrial companies. Far from impacting just the finance department, these changes could affect:
- Manufacturers' internal operations
- How some companies conduct business with customers
- Relationships with vendors
- IT environments, especially integrated ERP systems
- The way some employees are compensated
- and more
On November 14, 2008, the SEC released its proposed roadmap for the adoption of International Financial Reporting Standards (IFRS) in the U.S.
Commitment and involvement will be required throughout the organization, so it makes sense for management at all levels to become familiar with the new rules. Management should begin sizing up the volume and variety of financial, business, tax, and operational changes now, to avoid a resource-intensive effort at the eleventh hour.
The IFRS change will affect ERP systems. Companies will need to adapt their systems to support the IFRS requirements, and the changes required may take anywhere from a month to years to put in place.
The transition to IFRS could also deliver substantial benefits to some manufacturers. By preparing for the changes now, companies may be able to capitalize on these advantages.
View this on-demand IndustryWeek-hosted presentation featuring Bud Thomas, Todd Stroup, and Bob Clark, partners with PricewaterhouseCoopers. Thoma, Stroup and Clark provide an overview of IFRS and the roadmap for its introduction in the United States. Most importantly, they describe how it will impact industrial companies -- and what you should be doing NOW to prepare.
Don't miss this opportunity to learn more about what is likely to be the greatest accounting and financial change to affect American industry in this century.
Speakers Adrienne Selko
eMedia Editor
IndustryWeek
Adrienne Selko manages the editorial content of IndustryWeek's award-winning Web site. Before joining the staff in 2004, Selko was managing editor of corporate publications at a large regional financial institution. She was also an editor for the U.S. based publication of a medical manufacturing company. Prior to that she ran a public relations and marketing company that published a best-selling healthcare book. Selko received a bachelor's of business administration from the University of Michigan.
 Bud Thomas
Partner
PricewaterhouseCoopers
Bud Thomas is a client service partner specializing in manufacturing companies. He was formerly the leader of PricewaterhouseCoopers' U.S. Global Accounting and Consulting Services Group, a team dedicated to IFRS consulting and thought leadership. He is currently based in Cleveland, Ohio and was, until December 2007, part of the firm's national professional services group in Florham Park, New Jersey.
Prior to his national office role, Thomas was a client service partner in PricewaterhouseCoopers' Pittsburgh office. He joined the firm in 1990 and has a bachelor's from Virginia Polytechnic Institute and State University and a master's in business administration from the University of Pittsburgh.
Thomas is a Certified Public Accountant and a member of the AICPA. He serves as a Treasurer and Executive Committee member of several not-for-profit organization boards.
 Todd Stroup
Partner
PricewaterhouseCoopers
Todd Stroup has spent much of his 16-year career with PricewaterhouseCoopers serving both SEC and private clients ranging from large, multinational Fortune 500 companies to U.S.-based portfolio companies owned by private equity firms, primarily in the industrial manufacturing industries. He has led several significant audit engagements and is currently the audit engagement partner for a number of industrial clients. In addition, Stroup is the global engagement partner for one of the world's largest industrial firms, having served that company since 1999, and in this role coordinates all of PricewaterhouseCoopers' services provided to the company. In 2007, Stroup became PwC's U.S. industry leader for the Forest, Paper and Packaging sector.
During his career, he has been involved with and led teams responsible for several large, complex transactions, including acquisitions, divestitures, spin transactions, carve-out audits, equity and debt offerings and off-balance financing arrangements.
Stroup is the firm's Learning and Education and Knowledge Management liaison for the industrial products industry. He is active in instructing numerous internal firm courses on emerging accounting technical and firm policy guidance. Stroup also leads the firm's recruiting efforts as the firm relationship partner at Emory University. He is a graduate of the University of Notre Dame.
Bob Clark
Partner
PricewaterhouseCoopers
Bob Clark is a partner in the advisory practice in the Philadelphia office of PricewaterhouseCoopers LLP and leads PwC's technology practice in Philadelphia. He has been providing audit, business process and information technology advisory services for over 16 years and has extensive experience in dealing with large, multinational clients with complex systems and business processes. During his career he has worked with clients in a variety of industries including industrial manufacturing, chemicals, telecommunications, and retail and consumer.
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