Insights on XBRL, SEC Enforcement, and the Future of Corporate Governance Take Center Stage at Compliance Week 2008

Business Wire, May 19, 2008

SEC, DoJ, and Compliance Leaders From Starbucks, Yahoo, Pfizer, and Others Offer Approaches For Other Public Company Executives

BOSTON -- With major financial reporting developments like XBRL looming and global regulatory changes afoot, Compliance Week 2008 in Washington D.C. this June 4-5 provides a sharp, timely view into the critical issues facing financial, legal, risk, audit and compliance officers at publicly held companies.

The third annual event, hosted by Compliance Week, features numerous speakers from the Securities and Exchange Commission, the Department of Justice, and the Public Company Accounting Oversight Board. Also speaking are dozens of corporate compliance and risk officers at leading companies, including Yahoo, Starbucks, Pfizer, PepsiCo, Raytheon, Merck, HP, and others.

The event will arm corporate executives with an in-depth understanding of new compliance and governance initiatives, such as the SEC's recent proposal to have all companies file their financial reports using the interactive data format known as XBRL (eXtensible Business Reporting Language). Compliance Week 2008 will also examine the practical approaches that companies are taking to ensure reliable financial reporting and a culture of integrity and compliance. Session will focus on enterprise risk management, the Foreign Corrupt Practices Act, compliance program effectiveness, anti-fraud programs, and more.

In regulatory keynote addresses, instructive sessions, and small "Conversations" led by corporate compliance officers, Compliance Week 2008 attendees will learn the latest on:

* XBRL--From Both the SEC and the Corporate Angle. SEC Office of Interactive Disclosure Director David Blaszkowsky will discuss how he is modernizing the disclosure regime, working with corporations, investor groups, analysts, journalists, and others to advance the use of XBRL and interactive data in financial reporting. Later, John Stantial, assistant controller for financial reporting and analysis at United Technologies Corp., will discuss his experience with XBRL filings as part of the SEC's voluntary program--including the challenges and unexpected benefits. Stantial will also provide a demonstration of the tools that UTC uses to process financial data using XBRL.

* SEC Changes Pending, from CIFR Head and former Chairman. SEC Advisory Committee on Improvements to Financial Reporting (CIFR) Chairman Robert Pozen, an outspoken critic of financial reporting complexity, will outline CIFR's latest recommendations, including the gradual phase-in of interactive disclosure technology. Former SEC Chairman, Kalorama Partners CEO, and Compliance Week Columnist Harvey L. Pitt will provide an overview of the proposed changes to the U.S. regulatory system, from the Treasury Blueprint and international convergence to political machinations and the sub-prime crisis, and explore their meaning for public company executives.

* FCPA and Other Enforcement Lessons From the SEC and DoJ. SEC Division of Enforcement Director Linda Chatman Thomsen will discuss the current priorities of the enforcement division, and new policies that affect public companies, focusing on lessons that can keep executives out of hot water. Later, Department of Justice Deputy Assistant Attorney General Barry Sabin will participate in a small-group conversation comparing and contrasting due-diligence and compliance programs that can prevent the types of problems that can result in FCPA enforcement--and how the DoJ evaluates and rewards those efforts. Compliance officers at companies that have been under scrutiny, from Chiquita Brands to Baker-Hughes, will offer lessons from the trenches.

* Updates on Auditing Standard No. 5, Section 404, and the SEC's View of Materiality. PCAOB Chief Auditor and Director of Professional Standards Tom Ray will explore critical issues that touch public companies both directly and indirectly, including the implementation of the Auditing Standard No. 5, the implications for ongoing compliance with Section 404 of Sarbanes-Oxley, and recent PCAOB standards and plans that will drive public company financial reporting issues for the next decade. Former SEC Deputy Chief Accountant and Compliance Week Columnist Scott Taub will discuss important materiality questions and their effect on restatements, SEC actions, and reliable financial reporting.

More than 25 corporate compliance leaders will also speak at Compliance Week 2008, many of them as part of small, intimate "Conversations," new at this year's conference. These closed-door sessions, which are off-the-record, are intended to help public company executives share challenges and best practices in a confidential environment with their peers.

"Whether it's XBRL, accounting changes or FCPA enforcement, public company executives are facing a time of great debate and change in corporate governance," said Matt Kelly, editor-in-chief of Compliance Week. "Compliance Week 2008 will allow them to share challenges and tactics so they can better run their risk management, compliance and financial reporting programs."