We're broadening our mission in response to your needs

404 Institute members have always played a vital role in determining our agenda. Five years after the adoption of Section 404 became mandatory; our members report that compliance activities are continuing to be integrated into the corporate environment. As a result, members previously focused entirely on compliance are taking on increasingly operational roles. Given these dynamics the Institute is expanding its focus to meet your evolving needs by continuing to offer guidance and thought leadership on the broader set of financial management issues that affect you.

To help address your needs, we will cover a range of topics in addition to section 404 compliance - including financial reporting, and risk and controls. This will enable us to continue providing you with an open forum where ideas can be exchanged and leading practices developed on issues that impact you most.

We invite you to explore our updated Web site to find the wider range of topics and events we're scheduling to help you address the broader scope of issues you face.

As always, please contact us with any questions or suggestions you may have going forward.

If you missed the Special Webcast on the SEC's Proposed XBRL Mandate, Wednesday, June 4 click here to view the replay on the archived pages. While XBRL offers the potential for improved accuracy, greater efficiency and easier comparability in financial reporting, making the transition to an entirely new format presents its share of challenges. For further guidance and information on XBRL please visit http://xbrl.us/Pages/default.aspx.

The June 2007 issue of KPMG’s Defining Issues describes the new interpretive guidance for management evaluations of internal controls over financial reporting and related rule amendments that are intended to allow management to comply with section 404 of the Sarbanes-Oxley Act more cost-effectively.

The SEC proposed to defer for an additional year the deadline for non-accelerated filers to comply with the Section 404(b) requirement that auditors attest to management reports on internal control over financial reporting.1 The proposal is intended to give the SEC staff the opportunity to complete a cost-benefit study before non-accelerated filers must comply with the requirement.

"Ogranizations with the desire to improve business performance through optimizing risk and controls management can not only reduce volatitity and increase sustainability, but can enhance corporate reputation and build shareholder value"

How 1A professionals can identify and capture opportunities to use their core skills of risk and control analysis to create value for organizations.

The SEC approved issuing a proposal that would require companies to submit XBRL-formatted financial statements as exhibits to their files financial statements, phasing in the requirements over three years. Click here to download pdf.

The FASB adopted a hierarchy of authoritative accounting guidance for nongovernmental entities, an action that is not expected to change practice, but is expected to facilitate designating the coming codification of accounting standards as authoritative. Click here to download pdf.

The Trustees of the Financial Accounting Foundation (FAF) requested comments on proposals to reduce the FASB's membership from seven to five, give the FASB chairman more agenda-setting powers, and increase the intensity of the FAF's oversight. Click here to download pdf.