Committee on Corporate Reporting (CCR).

Committee on Corporate Reporting (CCR)

Staff Liaison: Christine DiFabio

* Effective July 1, Arnie Hanish, executive director, Finance and CAO, Eli Lilly and Co., is the new chair of CCR. The two vice chairs are Loretta Cangialosi, vice president and controller for Accounting Services, Pfizer Inc,. and Ron Olejniczak, vice president and controller, Aetna Inc.

* CCR's next quarterly meeting is September 6-7 at the Gaylord Texan Hotel in Grapevine, Texas, when FASB Member George Batavick will be in attendance. The committee will also have a session with valuation expert Don Charles to discuss the details surrounding implementation of FAS 157, Fair Value Measurements.

* Subcommittee Liaison Meetings:

The SEC Subcommittee was to meet with senior members of the SEC staff from the Office of the Chief Accountant and the Division of Corporation Finance on August 8.

The PCAOB Subcommittee meeting with senior staff from the Standard Setting group of the PCAOB was August 13.

* Other items:

- Subsequent to the March meeting, CCR members became part of a task force on materiality working to develop common guidance to provide to the SEC in the areas of qualitative and interim materiality. The task force includes preparers as well as representatives from the audit, investment/user, consulting and academic community. Members of the task force met with the SEC on July 9 to discuss recommendations regarding a common approach to interim materiality.

- Members of CCR continue to work on the program for FEI's 2007 Current Financial Reporting Issues (CFRI) conference. The conference, at the Marriott Marquis Times Square in New York City, November 12-13, is being chaired by CCR member Marsha Hunt, vice president and controller, Cummins Inc. See fei.org/events for agenda and registration information.