Looking back at 75 years of change.The past 75 years have seen the most tumultuous changes in history, and Financial Executives International has evolved with those changes. From a meeting of eight corporate controllers in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. back at the end of 1931, FEI FEI Fédération Équestre Internationale. has grown into an international organization with more than 15,000 members that serves as the voice of the corporate finance profession. In the process, it has changed its name twice and added a panoply of professional services and functions. Of course, the finance function has changed enormously as well. Recent generations have seen the evolution of a chief financial officer, tremendous growth of computerization and automation, and the transformation of the top finance role from purely financial control to one that involves strategic leadership at the top reaches of the corporation. Financial Executive has been tracing the seismic changes at work in the past seven decades in a series of articles this year. The editors have elected to excerpt from some of those articles to reprise some of the thoughts and observations of the writers about vital subjects in the world of corporate finance. From "Born into Darkness: FEI in the 1930s," by Glenn Alan Cheney (January/February 2006) It was a terrible time, the dark December of 1931. Eight million workers had no work. Banks closed. Businesses failed. Investment evaporated. Bankruptcy prevailed. The Dow Jones had dropped to a miserable 41, down from 400, and radicals were questioning the viability of capitalism. News from the rest of the world was no better. England had just abandoned the gold standard, Japan had invaded Manchuria and Stalin was collectivizing agriculture in the Soviet Union Agriculture in the Soviet Union was organized into a system of state and collective farms, known as sovkhozes and kolkhozes, respectively. Organized on a large scale and relatively highly mechanized, the Soviet Union was one of the world's leading producers of cereals, although bad . In Germany, the Nazis held 18 percent of the Reichstag and Mein Kampf was a bestseller. Two days before the end of that desperate year, eight corporate controllers met in New York City. Their conversation may not have bubbled with economic optimism, but their agenda carried a spark of hope. That agenda was to complete the final details to launch a new organization of financial executives, The Controllers Institute of America. The organization they formed would dignify the private practice of accountancy and put it on a professional basis. It would also allow the exchange of ideas, experiences and knowledge for individual and aggregate advantage of corporations. The causes of the Great Depression Causes of the Great Depression are still a matter of active debate among economists. The specific economic events that took place during the Great Depression have been agreed upon since it was first studied: a deflationary spiral forced dramatic falls in asset and commodity prices, had little to do with these financial executives, but if the nation's crisis had a cure, they believed it was, to a certain extent, in their hands. After all, it was an economic crisis, and they were the men who controlled the money. From "Business and Finance Go Global," by Jeffrey Marshall (March 2006) Globalization of business has been boosted by any number of developments, but none more important than quantum leaps in air travel and communications. Long gone are the days when traveling to Europe from North America meant days at sea; you can be there in six hours by jet, then fly on to Cairo or New Delhi. And telecommunications lines, once limited to heavy physical cables, have gone wireless; you can punch in a few numbers on a keypad and be talking within seconds with someone in Hungary or Argentina. Cable television, business newswires and the Internet have ushered in an era of "24-7," much of that arriving just in the past decade. Many products are still shipped by sea, but containerization con·tain·er·ize v.tr. con·tain·er·ized, con·tain·er·iz·ing, con·tain·er·iz·es 1. To package (cargo) in large standardized containers for efficient shipping and handling. 2. has brought vast improvements to distribution. Goods are now loaded into truck carriers that are offloaded from freighters in the country of shipment and whisked to warehouses and distribution centers. In the air, Federal Express, United Parcel Service United Parcel Service, Inc. (NYSE: UPS), commonly referred to as UPS, is the world's largest package delivery company, delivering more than 15 million packages[1] a day to 6.1 million customers in over 200 countries and territories around the world. , DHL and other freight carriers are flying millions of tons of goods every day throughout the world. Increasingly, FEI members have been part of the globalization stream, chiefly as their companies have gone overseas for the first time or have expanded their reach to still more world markets. CFOs are busily tapping on their Black Berries or talking on cellphones, whether they are in Tokyo or Chicago; or perhaps they're reviewing spreadsheets on a laptop on a flight from New York to Frankfurt. From "CFO See Chief Financial Officer. Evolution: From Controller to Global Strategic Partner," by Robert A. Howell (April 2006) The CFO is at the crossroads of a firm's information and, as a result, a key source of advice and counsel to the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Together, the CEO and CFO often represent the highest level of strategy formulation for the company. However, in addition, the CFO has the responsibility to assure that the plans are enacted and that the results are accurately and clearly presented to the investor community and others. Being a CFO today is a big job and a huge responsibility! So, where does the CFO go from here? First, globalization will continue to be a major element of corporate direction, including outsourcing production, offshoring and global sourcing activities, as well as serving emerging markets. The CFO will have to be able to evaluate a host of alternative approaches with global implications and consequences. Second, more firms will be relying on intellectual capital, rather than physical or financial capital to drive success. Investments in human capital and other intangibles will need to be managed, and accounted for, in very different ways than has been the case to date. Intellectual capital needs to be carefully selected, developed, maintained, and accounted for as an asset, rather than effectively ignored. Stakeholders, rather than just shareholders, will need to be the focus of firms in the future. New metrics that consider all of the firm's key stakeholders will need to be developed, maintained, and reported. Firms will still need to create shareholder value if shareholders are to continue to invest in the firm. Inasmuch as the intrinsic value of any economic entity is the net present value of the future cash flows which it will produce, financial executives must continue to focus explicitly on the cash flows the firm is producing. This should result in new, cash-oriented metrics and financial reporting. From "The Explosion of Accounting Standards" (May 2006); this section was written by Dennis Beresford, former FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). chairman and one of the Hall of Fame inductees. The accomplishments [by the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). , or FASB] add up to an impressive track record to date, and I express pride that at least some of them occurred during my tenure as chairman. However, opportunities to improve continue, and improvement is essential for the board's continued success. Three specific areas are: building trust, strategic planning and simplicity. * Building Trust. Greater trust must be built between FASB and all of its constituents, particularly the corporate community and accounting firms. * Strategic Planning. In 1992, the board developed the first notion of a strategic plan when it decided to address many of its constituents' concerns through a new program called "The Three S's" (selectivity--dealing with the highest-potential issues first; simplicity--making accounting standards simpler and shorter; and speed--dealing with issues more quickly). While board members all agreed on the goals, they unfortunately did not change their day-to-day behavior much. FASB has often criticized the resistance to change of many of its constituents, but the board itself has also been slow to embrace the changes inherent in the strategic plan. Many other organizations have had similar problems in operationalizing their strategic plans, and FASB should give this the very high priority that it deserves. * Simplicity. This involves the complexity of accounting standards. While one goal of FASB's initial strategic planning efforts was to shoot for simplicity in accounting standards, in the years since board members first agreed on that goal, the standards have gotten much more complicated. FASB often argues that complexity is necessary because auditors, regulators and corporations ask for it; they want clear answers for nearly all possible situations they might encounter. But rather than acceding to the requests, the board should ask itself: "Will all the detail actually result in better financial reporting, or will this galloping complexity outpace the ability of many professional accountants to keep up with and understand and, thus, cause a real decline in application quality of standards?" Reasonable accounting standards and excellent professional judgment are both essential ingredients in an effective financial reporting framework, and the trick is finding the right balance; FASB's scales need to be lightened up a little on the complexity side. RELATED ARTICLE 1930S 1931 FEI: The Controllers Institute of America founded in New York City by Arthur R. Tucker, with 30 members; Frank J. Carr, first president Events: Electron microscope, cathode ray tube See CRT. (hardware) cathode ray tube - (CRT) An electrical device for displaying images by exciting phosphor dots with a scanned electron beam. CRTs are found in computer VDUs and monitors, televisions and oscilloscopes. receiver invented. Britain abandons gold standard. Ford turns out 20 millionth automobile. 1932 FEI: Institute's offices open January 2. Holds first Annual Meeting, adopts by-laws, elects first board of directors. Events: Franklin Roosevelt elected president. Polaroid photography, parking meter, radio telescope invented. General Electric divests RCA See RCA connector and video/TV history. , Kodak introduces 8mm film. [ILLUSTRATIONOMITTED] 1933 FEI: First chapter organized: New York City. Membership surpasses 300. Chapters opened in Pittsburgh and Chicago. Events: FM radio, stereo records, drive-in movie theaters invented. First 100 days of New Deal. Federal bank holiday; FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). , TVA established. [ILLUSTRATIONOMITTED] 1934 FEI: First issue of The Controller published. First spring conference held. Two new committees formed: Education and Cooperation with the SEC. Events: FDR signs Securities & Exchange Act, Federal Housing Administration Federal Housing Administration (FHA) Federally sponsored agency chartered in 1934 whose stock is currently owned by savings institutions across the United States. The agency buys residential mortgages that meet certain requirements, sells these mortgages in packages, and insures formed. Monopoly, Kodachrome invented. [ILLUSTRATIONOMITTED] 1935 FEI: Research Council organized. National Committee on Social Security formed. Fifth chapter chartered: San Francisco. Events: Social Security Act passed. Treasury Dept. recognizes signature of Controller or Chief Accounting Officer on tax returns. Nylon, canned beer, radar invented. [ILLUSTRATIONOMITTED] 1936 FEI: The Controller carries its first cover in color. Membership reaches 500. Tenth chapter chartered: Cincinnati. Events: FDR re-elected, civil war rages in Spain. Life magazine launched, Hoover Dam completed. Photocopier, jet engine invented. 1937 FEI: Public Service Company describes duties of its controller in by-laws. National Planning Committee established. 15th chapter chartered: Milwaukee. Events: Hindenburg crash, inventions of ballpoint pen, Teflon, freeze-dried coffee, turboprop engine. [ILLUSTRATIONOMITTED] 1938 FEI: Membership reaches 1,000. Committee on Cooperation with Treasury Dept. established. 20th chapter chartered: Kansas City. Events: Stock market hits all-time low; Samsung and Hewlett-Packard established. First ski tow opens in Vermont. Oil discovered in Saudi Arabia. 1939 FEI: Membership represents 1,240 businesses. The Institute releases a study on effect of new SEC regulations. Events: Germany invades Poland. Federal Reserve Act permits LIFO (Last In-First Out) A queueing method in which the next item to be retrieved is the item most recently placed in the queue. Contrast with FIFO. LIFO - stack accounting. First commercial TV broadcast. Helicopter invented. [ILLUSTRATIONOMITTED] 1940s 1940 FEI: Two studies published: "Controllership: Its Functions and Techniques" and "100 Questions and Problems on Controllership." Events: Churchill succeeds Chamberlain as British Prime Minister. Color television, the jeep invented. Excess Profits Tax excess profits tax, levy on any profit above a standard level. Chiefly a wartime phenomenon, it is intended to increase revenue during periods of distress and to prevent businessmen from taking unfair advantage of the increased government spending and consumer demand adopted. [ILLUSTRATIONOMITTED] 1941 FEI: Institute forms Committee on Cooperation with the War Program and Committee on Post-War Problems. Membership at 1,500. Events: Pearl Harbor bombed; war declared. New: aerosol spray cans, nuclear reactor. 1942 FEI: Programs and conferences canceled due to war. 25th Chapter chartered: Chattanooga. Events: Siege of Bataan begins; Battle of the Coral Sea Noun 1. battle of the Coral Sea - a Japanese defeat in World War II (May 1942); the first naval battle fought entirely by planes based on aircraft carriers Coral Sea . Voice of America Voice of America, broadcasting service of the United States Information Agency, est. 1942. Originally set up as a means of fighting the cold war, the Voice of America produces and broadcasts radio programs in English and foreign languages to other countries in order begins. 1943 FEI: At request of U.S. Treasury, The Institute conducts survey on whether companies want filing extensions for income and excess profits tax returns. Events: Pentagon dedicated; Battle of Stalingrad The Battle of Stalingrad was a battle between Germany and its allies and the Soviet Union for the Soviet city of Stalingrad (today known as Volgograd) that took place between August 21 1942 and February 2 1943, as part of World War II. . Italy surrenders to Allies. New: synthetic rubber, Silly Putty. 1944 FEI: The Controllership Foundation is formed to do research. Committee on Termination Audit Procedures recommends creation of a "Contract Settlement Board." Events: D-Day invasion; FDR elected to 4th term. Tojo resigns. Bretton Woods Agreement Bretton Woods Agreement An agreement made in Bretton Woods, United States, in 1944. It set fixed exchange rates for major currencies and subsequently established the IMF. Notes: signed. [ILLUSTRATIONOMITTED] 1945 FEI: Director of Education Research appointed. Foundation issues statement on research plans and policies. Events: Hiroshima and Nagasaki bombed. World War II ends. FDR dies, Harry Truman sworn in as president. ENIAC ENIAC in full Electronic Numerical Integrator and Computer Early electronic digital computer built in the U.S. in 1945 by J. Presper Eckert and John W. Mauchly. computer completed. 1946 FEI: Foundation issues progress report. 15th Anniversary observed at annual meeting. Events: Baby Boom era begins. United Nations holds first meeting. New: soap operas, microwave oven, drive-up teller windows. 1947 FEI: Office of Chairman of the Board created; John H. MacDonald elected. The Controllership Foundation publishes first study. Events: Marshall Plan launched; CIA CIA: see Central Intelligence Agency. (1) (Confidentiality Integrity Authentication) The three important concerns with regards to information security. Encryption is used to provide confidentiality (privacy, secrecy). and Department of Defense created. New: transistor, Polaroid Land Camera Noun 1. Polaroid Land camera - a camera that develops and produces a positive print within seconds Polaroid camera camera, photographic camera - equipment for taking photographs (usually consisting of a lightproof box with a lens at one end and . [ILLUSTRATIONOMITTED] 1948 FEI: Three new committees formed: Ethics and Professional Standards, Cooperation with the Government, and State and Local Taxation. Events: Berlin Airlift. The U.S. Army appoints a comptroller. Truman beats Dewey. State of Israel founded. New: Velcro. [ILLUSTRATIONOMITTED] 1949 FEI: Management Planning and Control Committee formed. First annual conference on West Coast held in San Francisco. Events: NATO founded. Emmy Awards begin. Tokyo Stock Exchange Tokyo Stock Exchange Main stock market of Japan, located in Tokyo. It opened in 1878 to provide a market for the trading of government bonds newly issued to former samurai. formed. Federal Republic of Germany formed. 1950s 1950 FEI: Planning Committee suggested membership be based on duties, not title. 45th chapter: Puerto Rico. [ILLUSTRATIONOMITTED] Events: Korean War begins. Alger Hiss convicted of perjury. Sen. McCarthy kicks off anti-Communist campaign. New: TV remote control. 1951 FEI: 20th Anniversary. The Institute seal adopted. Ethics & Eligibility Committee recommends clarification of duties of controller. [ILLUSTRATIONOMITTED] Events: Rosenbergs tried and convicted of treason. Remington Rand delivers first computer. New: Super glue, power steering. 1952 FEI: Board of Directors asks Planning Committee to undertake long-range study of The Institute's eventual objectives. [ILLUSTRATIONOMITTED] Events: Truman seizes steel industry; loses election to Eisenhower. I Love Lucy I Love Lucy is a television situation comedy, starring Lucille Ball and Desi Arnaz, also featuring Vivian Vance and William Frawley. The series originally ran from October 15, 1951, to May 6, 1957, on CBS (181 episodes, including the "lost" Christmas episode and original debuts. New: bar codes, diet soda. 1953 FEI: Committee on Canadian Affairs formed. Controllership Foundation adopts Statement of Research Policy and Long-Range Research Program. Events: Korean War ends; Stalin dies. McCarthy hearings begin. TV Guide debuts. New: radial tires, transistor radio. 1954 FEI: Institute's Western Conference, first outside U.S., is held in Victoria, B.C. [ILLUSTRATIONOMITTED] Events: TV ad revenues exceed radio revenues; White Christmas, Shake, Rattle & Roll released. New: oral contraceptives, solar cell, polio vaccine. 1955 FEI: Revised eligibility standards and membership rules adopted. Membership: 4,500. Events: Disneyland opened, GTE formed. Marlboro Man debuts. New: optic fiber. 1956 FEI: Plan on Accounting Procedures established to cooperate with American Institute of Accountants. Events: First trans-atlantic phone cable. Eisenhower opens interstate highway system. New: computer hard disk, hovercraft. 1957 FEI: Membership passes 7,000. Institute wins an award for its annual report. [ILLUSTRATIONOMITTED] Events: First Japanese car (Toyota) sold in U.S., Digital Equipment Corp. formed. Sputnik launched. New: Fortran. 1958 FEI: Members approve recommendations of Second Joint Committee on Long-Range Research Objectives and reorganizes The Institute into six areas. Events: NASA created. Krushchev becomes premier of USSR, De Gaulle becomes president of France. New: modems, laser, Hula Hoop. 1959 FEI: Membership reaches 5,000. Founder Arthur R. Tucker dies. The Controllership Foundation renamed "Controllers Institute Research Foundation." Events: Alaska and Hawaii become states. New companies: National Semiconductor, Computer Sciences Corp. New: pacemaker, microchip, Barbie Doll. 1960s 1960 FEI: 10-year review of the work of the State and Local Tax Committee on multiple taxation is published. [ILLUSTRATIONOMITTED] Events: First televised presidential debates. John F. Kennedy "John Kennedy" and "JFK" redirect here. For other uses, see John Kennedy (disambiguation) and JFK (disambiguation). John Fitzgerald Kennedy (May 29, 1917–November 22, 1963), was the thirty-fifth President of the United States, serving from 1961 until his assassination in edges Richard Nixon. Haloid became Xerox. New: Halogen lamp, laser. 1961 FEI: Instituto Mexicano de Ejecutivos de Finanzas founded. Membership passed 5,400. Events: Berlin Wall built; Peace Corps founded. Yuri Gagarin orbits the Earth. Valium, nondairy non·dair·y adj. Containing no milk or dairy products: nondairy coffee creamer. creamer. 1962 FEI: Institute's name changes to Financial Executives Institute, permitting non-controllers to join. Controllership Foundation renamed Financial Executives Research Foundation. (FERF) [ILLUSTRATIONOMITTED] Events: Cuban Missile crisis Cuban Missile Crisis, 1962, major cold war confrontation between the United States and the Soviet Union. After the Bay of Pigs Invasion, the USSR increased its support of Fidel Castro's Cuban regime, and in the summer of 1962, Nikita Khrushchev secretly decided to . First Visa credit card, first Wal-Mart. New: audio cassette, silicone breast implants. 1963 FEI: FEI forms International Liaison Committee and Committee on Government Business. The Controller renamed Financial Executive. Events: JFK assassinated in Dallas. New companies: Applied Data Systems, Boston Consulting Group. ZIP codes introduced. 1964 FEI: Association Nationale des Conseilleurs et Controleurs de Gestion formed in France. [ILLUSTRATIONOMITTED] Events: Civil Rights Act adopted; Gulf of Tonkin resolution Gulf of Tonkin Resolution (Aug. 5, 1964) Resolution by the U.S. Congress authorizing Pres. Lyndon B. Johnson to use “all necessary measures” to repel armed attacks against U.S. forces in Vietnam. It was drafted in response to the alleged shelling of two U.S. in Vietnam. New: acrylic paint, Touch Tone phones. 1965 FEI: Membership Committee issues membership manual. Research Foundation agrees to study education of financial executives. [ILLUSTRATIONOMITTED] Events: Voting Rights Act Voting Rights Act Act passed by the U.S. Congress in 1965 to ensure the voting rights of African Americans. Though the Constitution's 15th Amendment (passed 1870) had guaranteed the right to vote regardless of “race, color, or previous condition of servitude,” passed. Civil rights demonstrations erupt in South. ITT buys Avis. New: Astroturf, soft contact lens, Kevlar. 1966 FEI: Committees merged to form committees on Corporate Reporting, Taxation, and Employee Benefits. Events: Cultural Revolution begins in China. Xerox sells first fax machine, Nokia formed. Star Trek launched. New: electronic fuel injection. 1967 FEI: Financial executives associations formed in Australia and Argentina. First woman member. Events: First heart transplant performed; first Super Bowl. Six-Day War erupts in Mideast. New: hand-held calculator. 1968 FEI: Financial Executives Institute of Philippines formed. Events: Martin Luther King Jr., Robert Kennedy assassinated; Tet offensive in Vietnam. 1969 FEI: First International Congress of Financial Executives, Marabella, Spain. German financial executive association formed. [ILLUSTRATIONOMITTED] Events: Richard Nixon sworn in, De Gaulle resigns. Astronauts land on moon, Wood-stock. New: artificial heart, ATM, bar-code scanner. 1970s 1970 FEI: International Association of Financial Executives Institutes (IAFEI) formed from 12 organizations, including FEI. [ILLUSTRATIONOMITTED] Events: Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and formed; Kent State shootings The Kent State shootings, also known as the May 4 massacre or Kent State massacre, occurred at Kent State University in the city of Kent, Ohio, and involved the shooting of students by members of the Ohio National Guard on Monday, May 4 1970. . New: daisy-wheel printer, floppy disk. 1971 FEI: Instituto Brasileiro de Executivos Financeiros formed. First full-time FEI president, Charles C. Hornbostel, is named. Events: Southwest Airlines launched; Nasdaq opened for trading. New: dot-matrix printer, microprocessor, VCR VCR: see videocassette recorder. VCR in full videocassette recorder Electromechanical device that records, stores on a videotape cassette, and plays back on a TV set recorded images and sound. . 1972 FEI: FEI announces support for the Wheat Report, leading to formation of the Financial Accounting Standards Board. [ILLUSTRATIONOMITTED] Events: Watergate break-in reported. Dow Jones index first closes above 1,000. SAP founded. New: word processor, Pong, email. 1973 FEI: FEI Canada established in Toronto. Financial Executives Association formed in Ireland. Events: OPEC OPEC: see Organization of Petroleum Exporting Countries. OPEC in full Organization of the Petroleum Exporting Countries Multinational organization established in 1960 to coordinate the petroleum production and export policies of its oil shock. FASB and IASC formed. New: gene splicing, Ethernet. 1974 FEI: FEI opens Washington, D.C., office. Committee on Government Liaison formed. [ILLUSTRATIONOMITTED] Events: Watergate crisis escalates, Nixon resigns. ERISA See Employee Retirement Income Security Act. ERISA See Employee Retirement Income Security Act (ERISA). law signed. Federal wage and price controls lifted. New: Post-It notes, liposuction. 1975 FEI: Financial executive associations formed in China and Indonesia. FEI meets with White House staff for the first time. [ILLUSTRATIONOMITTED] Events: Computer Associates, Microsoft formed. SEC issues first Staff Accounting Bulletin. New: laser printer, push-through can tab. 1976 FEI: Financial Executive article: "Own Up to Social Responsibility." Events: Jimmy Carter elected president; U.S. celebrates Bicentennial. New: Apple I computer launched, ink-jet printer [ILLUSTRATIONOMITTED] 1977 FEI: Financial executives associations formed in Austria, Costa Rica. Events: Elvis Presley dies. Roots mini-series, Star Wars premiers. Oracle and JD Edwards formed. New: magnetic resonance imaging magnetic resonance imaging (MRI), noninvasive diagnostic technique that uses nuclear magnetic resonance to produce cross-sectional images of organs and other internal body structures. (MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. ). [ILLUSTRATIONOMITTED] 1978 FEI: FEI recommends "management report" in annual reports. Robert W. Moore becomes FEI president. Membership passes 10,000. Events: Camp David accords Camp David accords, popular name for the historic peace accords forged in 1978 between Israel and Egypt at the U.S. presidential retreat at Camp David, Md. The official agreement was signed on Mar. 26, 1979, in Washington, D.C. . First test-tube baby born. Polish cardinal becomes Pope John Paul II Pope John Paul II (Latin: Ioannes Paulus PP. II, Italian: Giovanni Paolo II, Polish: Jan Paweł II) born Karol Józef Wojtyła . New: VisiCalc spreadsheet, Jarvik-7 artificial heart. 1979 FEI: FERF and Coopers & Lybrand study OPEB costs. Events: U.S. hostage crisis in Iran. Margaret Thatcher becomes prime minister in Britain. Paul Volcker assumes chairmanship of the Fed. New: Sony Walkman, roller blades, cell phone. 1980s 1980 FEI: Hong Kong forms Financial Executives Institute, Ltd. First FEI "satellite unit" formed: Saskatoon, Saskatchewan. FEI Canada restructured. Events: Ronald Reagan elected president; U.S. boycotts Moscow Olympics. Chrysler bailout. CNN formed. New: compact disks, laptop computers. 1981 FEI: J. Peter Grace discusses Reagan's economic plan in Financial Executive. Committee on Corporate Finance formed. Events: Kemp-Roth tax cut. Space shuttle launched. AIDS virus identified. First woman joins U.S. Supreme Court. MS-DOS MS-DOS in full Microsoft Disk Operating System Operating system for personal computers. MS-DOS was based on DOS, developed in 1980 by Seattle Computer Products. Microsoft Corp. bought the rights to DOS in 1981, and released MS-DOS with IBM's PC that year. operating system, MTV debut. 1982 FEI: FEI relocates headquarters from New York to Morristown, N.J. [ILLUSTRATIONOMITTED] Events: Falklands War. First PC local area network (LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. ) created. New companies: Compaq, Sun Microsystems. New: human growth hormone human growth hormone (HGH): see growth hormone. . 1983 FEI: Oklahoma City joins as 84th chapter. Former German Chancellor Helmut Schmidt keynotes CFRI conference. Events: U.S. invades Grenada; "Star Wars" defense initiative announced. GTE buys Sprint. New: soft bifocal bifocal /bi·fo·cal/ (bi-fo´-) (bi´fo-k'l) 1. having two foci. 2. containing one part for near vision and another part for distant vision, as in a bifocal lens. contact lens, Cabbage Patch Kids Cabbage Patch Kids are a brand of doll created by Xavier Roberts in 1978. The original dolls were all cloth and were available at local craft shows, and later at Babyland General Hospital in Cleveland, Georgia. . 1984 FEI: New Mexico and Regina (Canada) bring chapter roster to 86. [ILLUSTRATIONOMITTED] Events: Reagan re-elected. Poison gas leak in Bhopal, India. Cisco Systems created, AT & T dismantled. New: CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). , Apple Macintosh. 1985 FEI: FEI helps form Committee of Sponsoring Organizations (COSO), which later issues new control framework. [ILLUSTRATIONOMITTED] Events: Titanic wreckage found. "New Coke" introduced. "Hole" in the universe discovered. Microsoft introduces Windows. AOL debuts. 1986 FEI: FEI recommends participation in SEC pilot project called EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. (Electronic Data Gathering, Analysis and Retrieval). Events: Iran-Contra scandal breaks; space shuttle Challenger explodes. General Electric buys RCA. New: Disposable cameras, synthetic skin. 1987 FEI: FEI supports recommendations from National Commission on Fraudulent Financial reporting--"The Treadway Commission." Events: Worst single-day plunge on NYSE NYSE See: New York Stock Exchange , Oct. 19. PeopleSoft founded. New: 3-D video game, disposable contact lenses. 1988 FEI: FEI launches Financial Management Network video series. Committee on Information Management celebrates 20th anniversary. Events: Trans-Atlantic fiber optic cable Noun 1. fiber optic cable - a cable made of optical fibers that can transmit large amounts of information at the speed of light fibre optic cable transmission line, cable, line - a conductor for transmitting electrical or optical signals or electric power laid, George H.W. Bush Noun 1. George H.W. Bush - vice president under Reagan and 41st President of the United States (born in 1924) George Herbert Walker Bush, President Bush, George Bush, Bush elected president. Pan-AM 103 bombed. New: RU-486 (abortion pill), Doppler radar. 1989 FEI: P. Norman Roy succeeds Robert Moore as FEI president. European Federation of Financial Executives formed. [ILLUSTRATIONOMITTED] Events: Berlin Wall dismantled; Tiananmen Square massacre. Federal S & L bailout; Exxon Valdez oil spill The Exxon Valdez Oil Spill is considered one of the most devastating man-made environmental disasters ever to occur at sea. Prince William Sound's remote location (accessible only by helicopter and boat) made government and industry response efforts difficult and severely taxed . Time Inc. merges with Warner. 1990s 1990 FEI: FEI successful in supporting Chief Financial Officers Act, which is signed into law. Act mandates position of CFOs at federal agencies. Events: Iraq invades Kuwait; reunification re·u·ni·fy tr.v. re·u·ni·fied, re·u·ni·fy·ing, re·u·ni·fies To cause (a group, party, state, or sect) to become unified again after being divided. of Germany. Short recession begins in the U.S. World Wide Web created. 1991 FEI: Membership passes 14,000 in 91 chapters. FEI Canada completes survey on Canadian financial management practices. Events: Gulf War rages in Kuwait and Iraq. Maastricht Treaty signed. Collapse of the Soviet Union. Internet made available for commercial use. 1992 FEI: FEI takes key role in development of new COSO risk management framework. Revamped Financial Executive magazine introduced. [ILLUSTRATIONOMITTED] Events: Bill Clinton elected president. Rodney King riots erupt in Los Angeles. Hurricane Andrew rakes South Florida. First computer virus reaches national attention. 1993 FEI: Financial Executive warns readers about preparing for launch of EDGAR, the SEC's electronic filing project. Events: European Union formed. World Trade Center bombed. Pentium processor debuts. 1994 FEI: Controllers Institut formed in Netherlands. IAFEI and FEI hold joint conferences in Washington, D.C. [ILLUSTRATIONOMITTED] Events: NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's goes into effect. Republicans gain control of Congress. O.J. Simpson arrested for double murder. Nelson Mandela elected president of South Africa The President of South Africa, in full, the President of the Republic of South Africa is the head of state and head of government under South Africa's Constitution. . 1995 FEI: Penelope Flugger becomes first female FEI chairman. IAFEI becomes voting member of International Accounting Standards Committee International Accounting Standards Committee was founded in June 1973 in London and replaced by the International Accounting Standards Board on April 1, 2001. It was responsible for developing the International Accounting Standards and promoting the use and application of these . [ILLUSTRATIONOMITTED] Events: Oklahoma City bombing See Terrorism "The Oklahoma City Bombing" (Sidebar); Venue "Venue and the Oklahoma City Bombing Case" (Sidebar). ; Yitzhak Rabin assassinated in Israel. Trading scandal forces Barings PLC into bankruptcy. 1996 FEI: FEI Website, www.fei.org, is launched. FEI turns 65. Events: Clinton re-elected president. Unabomber arrested. Mad Cow Disease mad cow disease: see prion. mad cow disease or bovine spongiform encephalopathy (BSE) Fatal neurodegenerative disease of cattle. Symptoms include behavioral changes (e.g. hits Britain. AT & T spins off Lucent Technologies and NCR; Disney acquires ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. . 1997 FEI: Committee on Private Companies formed. [ILLUSTRATIONOMITTED] Events: Hong Kong returned to China from the U.K.; Princess Diana killed. Scientists clone "Dolly" the sheep. First Weblogs, or "blogs," created. 1998 FEI: FEI member Lynn Turner named SEC chief accountant. Events: Clinton impeached. GTE and Bell Atlantic merge to form Verizon. IASC issues core set of international accounting standards. [ILLUSTRATIONOMITTED] 1999 FEI: First FEI annual report on the Web. Philip Livingston becomes President and CEO. Events: Euro introduced as pan-European currency. Shootings at Columbine High School Columbine High School is a secondary school in unincorporated Jefferson County, Colorado. The school is located at 6201 South Pierce Street, one mile west of the Littleton city limits and half a mile south of the Denver city/county line. . "Melissa" virus erupts. 2000s 2000 FEI: FEI renamed Financial Executives International, opening membership to financial executives from around the world. FEI Express newsletter launched. Events: George W. Bush wins contested election for president. USS Cole bombed in Yemen. "Y2K" computer scare proves a non-event. Millennium celebrations ring around the world. 2001 FEI: FEI turns 70 and develops recommendations in response to Enron scandal. [ILLUSTRATIONOMITTED] Events: 9/11 attack on U.S.; stock market plunges, then recovers. Dot-com "bubble" bursts, dooming many Internet firms. Enron files for bankruptcy after accounting is questioned. iPod introduced by Apple. 2002 FEI: FEI moves headquarters to Florham Park, N.J.; FEI participates in formulating Sarbanes-Oxley Act. Globalization Oversight Committee formed. Events: Sarbanes-Oxley Act signed into law in July. Public Company Accounting Oversight Board The Public Company Accounting Oversight Board (or PCAOB) (sometimes called "Peekaboo") is a private-sector, non-profit corporation created by the Sarbanes-Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. established. Scandals erupt at WorldCom Inc. and Tyco International. New: birth control patch. 2003 FEI: Colleen Sayther [Cunningham] named FEI CEO and President, first woman to hold this post. FELIX-PC, a list exchange service for private company members, debuts. [ILLUSTRATIONOMITTED] Events: U.S. forces seize control of Iraq; space shuttle Columbia disaster For further information about Columbia's mission and crew, see STS-107. The Space Shuttle Columbia disaster occurred on February 1, 2003, when the Space Shuttle Columbia . Richard Grasso resigns as chairman of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Electrical blackout darkens the Northeast. Hybrid car introduced. [ILLUSTRATIONOMITTED] 2004 FEI: Financial Executive magazine expands to 10 issues per year. Membership of women increases 40 percent in two years. Events: George W. Bush reelected. Companies wrestle with first year of Sarbanes-Oxley Section 404 on internal controls. Former Enron CEO Kenneth Lay indicted INDICTED, practice. When a man is accused by a bill of indictment preferred by a grand jury, he is said to be indicted. by grand jury. Google launches historic "auction" IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . [ILLUSTRATIONOMITTED] 2005 FEI: FEI tracks cost of Sarbanes-Oxley and benchmarks best practices. CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment Center launched to help members earn and track CPE credits. Events: Hurricane Katrina rips Gulf Coast and floods New Orleans. Former CEOs Bernard Ebbers and Dennis Kozlowski convicted and sentenced to prison. Richard Scrushy, former CEO of HealthSouth, acquitted of fraud. [ILLUSTRATIONOMITTED] 2006 FEI: FEI turns 75, implements new database system to better serve chapters and members. Events: Alan Greenspan steps down as Federal Reserve chairman; he is succeeded by Ben Bernanke. Former Enron CEOs Lay and Skilling convicted; Lay later dies of heart attack. Stock option backdating Predating a document or instrument prior to the date it was actually drawn. The negotiability of an instrument is not affected by the fact that it is backdated. scandals roil tech companies. |
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