New York, NY, August 20, 2011 --(PR.com
)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Salome J. Tinker, CPA, Director, Accounting & Financial Reporting Association for Financial Professionals, will speak at the Knowledge Congress’ webcast entitled: “Loss Contingency Disclosure Demystified - Best Practices for Managing Litigation Disclosure, SEC Review and FASB Topic 450”. This event is scheduled for August 29, 2011 from 12:00 - 2:00 PM ET.
For further details, please visit: http://knowledgecongress.org/event_2011_FASB_Topic450.html
Reporting litigation loss contingencies continues to be an evolving, controversial and challenging area for many public companies and their financial executives, auditors, and legal advisors. Starting in 2008, the Financial Accounting Standards Board (FASB) made a series of proposals to amend rules in Topic 450 Statement on Loss Contingency Disclosures, formerly Statement of Financial Accounting Standards No. 5 (FAS 5), in ways that would require publicly traded companies to make more extensive disclosure than historically required. In the wake of hundreds of comment letters on FASB’s latest 2010 iteration of the proposed amendments, FASB deferred further action until December 2011. Meanwhile, however, the SEC has ramped up review and comment on public company reporting of litigation loss contingencies.
The FASB’s proposed changes to Topic 450, coupled with increased SEC scrutiny, has led many companies to re-examine their processes, procedures, and disclosure of litigation loss contingencies in their annual and quarterly filings. Finance executives as well as auditing and legal professionals need to understand this important and evolving landscape. Key issues include changes in how corporate auditors and legal counsel interact, protection of privileged communications, potential impacts on the ABA Treaty, and managing an array of corporate risks and challenges of more detailed litigation loss contingency reporting and disclosure.
The Knowledge Group has assembled a panel of key thought leaders and regulators to help financial and tax executives, auditors, and lawyers understand all the important issues with respect to this evolving topic. This live webcast is a must attend for all corporate financial and tax executives, as well as other accounting, auditing and legal professionals who need to be in the know and prepared to manage the challenges of more extensive loss contingency reporting.
About Salome J. Tinker
Salome J. Tinker is the Director of Accounting and Financial Reporting for the Association for Financial Professionals. She serves as a subject matter expert where she works closely with AFP's Financial Accounting and Investment Relations taskforce of their Government Relations Committee and has authored articles that focused on US GAAP convergence with IFRS. She has helped to develop comment letters to both the FASB and the IASB on issues deemed relevant to AFP members such as fair value measurement, impairment, leasing, and pension accounting.
Prior to joining AFP, Ms. Tinker was a Senior Manager of Accounting Policy at Fannie Mae where she wrote corporate policy and closely monitored accounting standard setters' rule making. Ms Tinker has also been a Supervisory Financial Analyst with the Board of Governors of the Federal Reserve in their Accounting Policy and Regulatory Reporting group and an auditor with the public accounting firm of Deloitte and Touche. She retired from the US Army after 21 years of combined active and reserve service.
About Association for Financial Professionals
The Association for Financial Professionals® (AFP) serves a network of more than 16,000 treasury and finance professionals. Headquartered just outside of Washington DC, AFP provides members with breaking news, economic research and data on the evolving world of treasury and finance, as well as world-class treasury certification programs, networking events, financial analytical tools, training, and public policy representation to legislators and regulators. AFP is the daily resource for treasury and finance professionals.
AFP’s global reach extends to over 150,000 treasury and financial professionals worldwide, including AFP of Canada; gtnews, an on-line resource for the treasury and finance community; and the London-based bobsguide, a financial IT solutions network.
About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series
The Knowledge Congress was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format.
To contact or register to an event, please visit: www.knowledgecongress.org.