Betty Penzner
AFP (The Association for Financial Professionals) l afponline.org
Brian Kalish, Director, Finance Practice for AFP, discusses today's volatile market and the challenges facing CFOs.

Q: Let's talk about challenges for CFOs in the last two months. What dark alleys have their jobs taken them to recently?

Kalish: In real estate we say location, location, location. For CFOs it has been liquidity, liquidity, liquidity. Really, since the Lehman bankruptcy back in September, the world has changed so much. Things that were not on the CFO's plate two months ago, as far as liquidity goes, have now become Priority One.

Their assumed channels of liquidity have dried up in many cases, whether it is the amount of cash they had or the burn rate in their organization. Expenses are going up at the same time revenues are going down. What's happening in the liquidity portfolio, the capital markets, whether on a secured or unsecured basis, those channels have dried up. The commercial paper market is very different than it was two months ago.

What you are seeing is that people are beginning to tap their bank lines to a greater degree than they have historically -- or they may be tapping them for the first time ever. So the value of liquidity has pretty much moved from, say, item 10 on the priority list to item one … because if you don't have liquidity, you don't' have much.

Q: Talk about the issue of working capital.

Kalish: Absolutely. It has been a matter of assumptions. If you assumed you had access to capital markets or cash markets, these things have changed dramatically in the last 60 days, with volatility that we haven't seen in the last generation, maybe two generations.

The other challenge is the unexpected. Phrases like “it can't happen” or “it shouldn't happen” can pretty much be thrown out the window. We have seen that anything can happen. Institutions like ING, Fannie, Freddie, Merrill Lynch, Wachovia – we have had 23 bank failures so far, of which one was the greatest we have ever had in the U.S. We must plan for the unexpected. People are now interested in contingency plans, meaning what type of scenario planning have you done.

CFOs are no longer worrying about what will happen six standard deviations away from the norm because we are in that deviation. CFOs are worrying about things they have never had to worry about before.

We are in a situation where government programs are being created and then changed, almost on a constant basis. At the business level and at the government level, we are trying to address questions that haven't been asked before.
Take for example TARP. Originally that was set up to be buying assets. So far, it has been injecting liquidity directly into companies. You start trying to plan for a certain scenario and then the scenario changes. You have to come up with a new plan.

Q: What skill sets come to bear as a result of the credit crisis.

Kalish: It's interesting. I think that of the skills that are coming into focus now, the number one is vision. That means maintaining long-term focus even with the short-term volatility. What I mean by that is there was a business model that was operating fine six months ago. The difficulty that has been introduced in the last couple of months is somewhat outside of that business model. So, there is value in keeping focused on that business model. The liquidity challenges we have right now are going to pass. If your business model is sound, it is going to work in the long run. You don't want to get into a situation where you are trying to address short-term problems with long-term answers. If you are trying to create a situation where things will work well in this current environment, you may be out of luck when this current environment ends. You need to consider whether you have the people and processes in place to thrive when we begin to come out of this.

I think the other thing that is very important right now is being calm. Senior management is being looked to by the entire company to see how the company should be reacting. If management seems panicky, the troops will start to panic. Be able to acknowledge that we are dealing with challenging times, but that you have your strategies in place. In an ideal situation, management sees opportunities and can explain that to internal stakeholders and external stakeholders. To be able to explain why your particular company is positioned best in a particular segment, and why you have the opportunity to thrive going forward, that is a very important message to relay.

Excerpted from the Association for Financial Professionals podcast series, available through iTunes. 

More: www.afponline.org/mbr/res/mbr_news/ns_20090218_brm.html

Steven E. Shamrock, CPA, MBA, CMA
IASeminars l iaseminars.com

“All that glitters is not gold,” uttered The Prince of Morocco as he read the message revealed when he lifted the lid of a gold casket, as required of him to win the hand of a princess.  The message was a lesson taught from beyond the grave by the father of the princess Portia in Shakespeare’s, The Merchant of Venice. The same sentiment can be applied to balance sheets in the midst of the current global economic crisis.  In this case, the glittering substances are the carrying values of non-current assets.

At its most basic, the standards that govern impairment testing for both IFRS and US GAAP require companies to assess if their future cash flows support the carrying values of their assets. While there are some differences in the standards, both sets of rules require a company to consider the impact of “triggers” – indicators of impairment – on the carrying value of its assets.  This article will focus on non-current tangible and intangible assets.

The current financial crisis is definitely a trigger in both sets of standards.  Recent earnings releases indicate that impairments are making their way into the bottom lines of companies. Advanced Micro Devices reported in January 2009 that it reflected $714 million in impairment charges for Goodwill and Intangibles.  Not to be outdone, Norththrop Grumman reported an eye-popping  $3.4 billion impairment expense for the quarter ended December 31, 2008.  What is notable about these events is that they are not in the banking or construction industries, those that are at the epicenter of the crisis.  This lack of connection to the progenitors of the downturn is what makes impairment suddenly very relevant to all but a few companies.

Now may be a good time to ensure your accounting folks familiarize themselves with impairment triggers.  While IAS 36 - Impairment of Assets, SFAS 142 – Goodwill and Other Intangible Assets, and SFAS 144 – Accounting for the Disposal and Impairment of Long-lived Assets (in addition to several EITF’s and other literature) cite numerous examples, they all have thread of the same basic guidance: adverse changes in the company’s earnings prospects are a trigger to test assets for impairment.

With the crisis at hand and in light of recent accounting scandals (e.g. Satyum’s chairman’s admission that he perpetrated a multi-year, billion dollar fraud), a natural reaction is to wonder if your auditor will be approaching impairment differently than in past quarters.  While technically no, the practical outcome is yes, they will.

Over the past several months, articles published by the major accounting firms have focused on the impairment assessment process. Many firms have published question and answer articles to signal what their staffs will be looking for when auditing for impairment.   Recent conversations the author of this article had with auditors at two major firms revealed that while the audit checklist will not change, overarching auditing standards require auditors, in all aspects of a company’s financial statements, to emphasis areas of higher perceived risk in the audit procedures they perform.  The current financial downturn is certainly a source of substantial risk.

What this means to accounting staffs is that assumptions used in calculating the fair value of assets will likely be heavily scrutinized.  Another aspect to the process that was not such a factor in good times is the overall comparison of impairment testing results to other companies in the same industry. While the auditors interviewed both said that there is “no presumption of impairment,” they noted that the practice of impairment testing has always included comparing the tentative results with peer companies and industry trends.  During this period of macroeconomic upheaval, it is going to be more difficult to justify projections that have not worsened since the prior reporting date, which, presumably, would be predicated on company-specific factors.

Of course auditors will likely also be looking for companies that want to take a “Big Bath.”  This is the practice of company management being “extremely conservative” and taking excessive write-downs.  Companies may do this to improve profitability on later years, as well as increase the return on assets when the economy improves.  They may merely be trying to match the returns that their peers will now get in light of large impairment charges.

One last word on reversals of impairment losses:  Under US GAAP, unless an impairment charge is a result of valuing assets for disposal, reversals are prohibited.  They can never be written back up.  So impairment under US GAAP is a one-way street.  Under IFRS, impairment losses on non-financial assets can generally be reversed, with the notable exception of the impairment of goodwill which cannot be reversed.

The expected massive write-offs coming in the next several months will reveal that many acquisitions were not as profitable as once thought. Like Portia’s late father, those with investments in equities and bonds will learn the hard way that all that glitters is not gold.  Shiny things can just as well be fool’s gold.

This article has been written by the Technical Department of IASeminars, a global specialist IFRS & US GAAP training business. For details of over 300 courses on offer around the world, please see www.iaseminars.com

Wolfgang Koester
AFP (Association for Financial Professionals) l afponline.org

Here's how managing FX risk as a cost can save jobs and protect corporate value.

At a time when companies worldwide are trying to stem a tide of red ink and adjust to plummeting consumer demand, managers in every department are being asked to do whatever they can to reduce costs. Before senior management gets out the chainsaws, corporate treasurers have a small window of opportunity to employ their scalpels and demonstrate an ability to manage costs under their purview.

One cost that is definitely a candidate for radical surgery is foreign exchange. With US multinationals racking up millions of dollars in quarterly FX dollars in Q3 and Q4, it is time for treasurers to look at FX for what it is, a cost of doing business internationally. In today's economic climate, reducing those losses and eliminating that business expense could equate to hundreds, if not thousands, of jobs in many organizations.

Foreign exchange is the cost of conducting business globally

At the end of January, Pfizer, Caterpillar and Home Depot announced thousands of lay-offs, leading a stream of similar job cuts as companies rolled out their fourth quarter earnings. For any company engaged in international business, it was difficult to find an earnings call that did not mention two forces that had distorted (or otherwise mangled) their third and fourth quarter results: the sudden downturn in consumer spending and unprecedented volatility foreign currency markets. In every case, you could practically hear CFOs throwing up their hands, unable to predict the end of either trend.

To address the first issue, companies did what analysts and investors expected them to do: They cut costs. In doing so, they issued enough pink slips to prove they were serious. Pfizer and Sprint announced 8,000 layoffs apiece. Caterpillar announced 20,000 job cuts, including 5,000 white collar workers to be laid off in March.

When it came to the issue of uncertain foreign exchange markets, no CFO and certainly no analysts on the earnings calls demonstrated the same level of concern. The question about how these companies were going to address foreign exchange losses as a manageable business cost was never asked. The idea that a company might lose millions on foreign exchange as the U.S. dollar continued to rise and fall, and as other currencies fluctuated wildly, didn't provoke any meaningful debate.

Behind the scenes, however, a groundswell of interest and concern over the impacts of FX in a volatile global economy is leading to significant changes in how CFOs set risk policies and how treasurers and FX managers execute strategies in support of those policies.

Every penny, pound and peso counts

Home Depot, with $40 million in foreign exchange-related losses in Q4, is a great example of one company that could benefit from a more cost-conscious approach to FX. Since no guidance was given and no measures were announced to address these costs during the company's recent earnings call, assume for a moment that this expense was allowed to continue at its current rate of $40 million per quarter. Come January of 2010 that could amount to $160 million in FX losses. For a company like Home Depot with annual profits of $26 billion, we're not talking about a huge sum. Then again, from the perspective of those 8,000 laid off employees, it's something worth taking a little more seriously. Assuming an average annual salary of $40,000 per employee, you are now talking about a number that reflects about half of those corporate layoffs.

Managing FX costs starts with a change in attitude

Until recently, reporting FX gain and loss was a function of accounting rather than an economic imperative. This attitude has its historical roots in FAS 8 in 1975, and then FAS 52 in 1981, which mandated that companies track the effects of rate changes on a firm's cash flows and equity.

While the old attitudes about foreign exchange have lingered, the face of business has radically changed. Processes that deliver monthly foreign exchange results in days or weeks after the close of a fiscal period remain in place. A prevailing attitude that foreign exchange is a function of accounting rather than a cost, persists.
…and then the hard work begins

There are three key components to gaining control of foreign exchange risk; achieving a complete understanding of your exposure, timely access to FX data and transparency that allows FX managers to have visibility to the underlying transactions that resulted in an exposure. In today's economic environment, getting control of costs will mean making better decisions, faster.

When faced with tough budget choices in difficult times, choosing between cutting personnel and increasing efficiency and effectiveness is one of the easiest decisions to make. Treasury can make that decision even easier by building a business case that compares historical results to objectives, and charts a course for better performance in less certain times.

Wolfgang Koester is president and CEO of FiREapps. He writes a monthly column in AFP's Risk! newsletter.

Abe Eshkenazi, CSCP, CPA, CAE
APICS (The Association for Operations Management) l apics.org

In a recent issue of BusinessWeek, I was struck by an article talking about Tim Cook, the interim chief executive officer (CEO) of Apple. Cook, who had been the chief operating officer, is taking the company’s helm while Steve Jobs is on a six-month medical leave, scheduled to end in June.

According to the BusinessWeek article, “Cook, who will handle day-to-day operations while Jobs is away, is known as a skilled manager who makes up in operational chops what he lacks in marketing and design savvy.”  

In fact, when he came on board in 1998, Cook helped the company dig itself out of a $1 billion loss on sales of $7 billion. This shortfall represented a decrease of more than $2.8 billion from the prior fiscal year (FY). Cook went to work on Apple’s bloated supply chain and inventory. After he was done, Apple’s profit was $600 million for FY 1999, even though sales were down.

Cook’s successes demonstrate his operations prowess even more than his resume—which is still nothing to scoff at. His career includes stints as the director of North American fulfillment for IBM and vice president of corporate materials for Compaq.

Company leadership

Cook’s story is more than a tale of someone who makes operations effective and efficient. Like many standout operations professionals, Cook makes sure his work supports the company’s strategic objectives. He’s a prominent example of a growing trend—operations experts in leadership roles.

SpencerStuart is an executive search consulting firm, which conducts research on the developmental background and professional experience of U.S. CEOs. The survey’s 2008 findings revealed—for the second year in a row—that operations (31 percent) was the most popular functional role before becoming CEO, followed by finance and marketing.

CEOs who come from operations draw on their skills in operations, supply chain, strategy, and technology, working to transform companies into more powerful entities and providing skills that enable companies to better serve customers.

In its article “Meet Tim Cook,” Wired magazine’s blog network also takes a closer look at the interim Apple CEO.
Cook has played a major role in balancing Apple’s inventory, enabling the company to regularly launch new products and have fewer leftovers that require discounts. 

Think about what the people who know Cook say about him. “Tim runs Apple, and he has been running Apple for a long time now,” says Michael Janes, the first general manager of Apple’s online store and now cofounder of a ticketing search engine. “Tim is the guy who takes all those designs and turns it into a big pile of cash for the company.”

Operations management professionals are crucial contributors and leaders at every organizational level. As more APICS members make the transition to the c-level office suite, APICS will continue to provide the tools for success.
Abe Eshkenazi, CSCP, CPA, CAE, is the chief executive officer for APICS The Association for Operations Management.

Seth Levine, CPA
Regional Faculty Manager, Becker Professional Review l beckercpa.com

As printed in New Accountant Magazine, Issue #714.

The accounting classes you’ll take as a junior and senior make up most of the CPA Exam topics. For this reason, it’s optimal to sit for the CPA Exam soon after graduation. Planning now is a great way to jump start your career.

If you want to sit for the CPA Exam, you must understand the requirements of the state in which you would like to practice as a CPA. Although the American Institute of Certified Public Accountants administers the CPA Exam, it is up to each individual state legislature and their State Boards of Accountancy to ultimately determine eligibility requirements which may relate to age, state residency, citizenship and education.

 In 1983 three states increased the minimum number of required semester hours from 120 to 150. These states felt this was warranted because accounting is truly a profession, not unlike medicine and law which both require years of extra schooling. Today most of the 50 states have adopted some version of this 150-hour requirement, although some of these laws have not yet gone into effect.

The requirements for sitting for the CPA Exam are highly variable from state to state. Some states require that a certain number of the 150 credits must be in accounting and that a certain number must be in business. Some states will let you to sit with just 120 credits, or a bachelor’s degree, but they won’t grant you your license until after you’ve earned the extra 30 credit hours. Some states have a work experience requirement, so although you may pass the CPA Exam, you may have to wait a number of years before you can receive your license.

Want to figure out what rules apply for the state you’re interested in working in? Look up your state or jurisdiction on these websites:

• beckercpa.com/state
• aicpa.org/states/stmap.htm
• nasba.org

It is usually best to sit for the exam in the state in which you plan to be licensed.
However if you happen to be in a 150-hour state and want to take the exam while working to meet the requirements, you do have the option of applying to a state that does not have the 150 hour requirement. You would not need to travel to the other state to take the exam; you could still take it in your own state. But before embarking on this strategy, you need to understand the licensing implications of doing so.

There are still many states who will allow you to sit with just 120 hours. Pass the exam, earn your 150 hours, and then ask the state you applied in to send your passing CPA Exam scores to the state you wish to be licensed in. Your preferred state will verify the 150 credit hours and grant the CPA license. This is not usually as simple as it sounds so research the terms of reciprocity before you apply.

For more information about Becker CPA Review, and for state-by-state eligibility requirements for the CPA Exam visit beckercpa.com or call 877.CPA.EXAM (877.272.3926).

It goes without saying that the CMA exam is excellent preparation for work in management accounting or corporate finance. But, what about operations – or upper management? For Michael J. Hafner, who has spent his career in healthcare, being a CMA has furnished him with skills to add strategic value not only as a finance executive but as an operations manager as well.

For the past six months, Hafner has served as CFO at Foundations Behavioral Health, which provides specialized care to troubled children and their families in Bucks County, Pa. Prior to joining Foundations, Hafner spent 15 years at a $250-million healthcare facility, the first 10 of those years in various finance roles. It was there, after obtaining his MBA, that Hafner decided to sit for the CMA exam: “I had known about the CMA, having started my career more than 25 years ago at Johnson & Johnson, which really strongly encouraged taking the exam. After I got my MBA, I stopped looking at the CMA as something excruciating and instead as an opportunity for growth.”

During his tenure, Hafner used his CMA training to provide valuable strategic counsel. He was asked many times to evaluate product line performance, where he found being a CMA gave him a unique perspective. “I remember the company was considering divesting from a line of business and was evaluating the decision purely with an income statement approach,” he says. “When senior management asked for my recommendations, I introduced the incremental revenue/cost approach, which is so prevalent in the CMA. This analysis actually demonstrated the issue was indirect cost allocations, which in this case
included charges for health benefits in a profit center with no benefited employees. Clearly, this ‘CMA’ approach prevented the organization from making a bad decision.”

Hafner brought that same expertise to a senior post in operations, which is where he spent
the last five years before taking his current position. In that role, he oversaw 140 people, including 18 managers whom he was responsible for training. “I took the concepts I learned while studying for the CMA exam – particularly those related to management styles and communication – and used them to teach managers how to communicate better. I was able to develop a program, and conduct the training myself, thanks to what I learned as a CMA,” he says.

Having worked in healthcare most of his career, Hafner acknowledges that in a service industry, the CMA is less well known than the CPA. Still, as vice president of his local CMA chapter in Philadelphia, Hafner makes a persuasive pitch for the credential: “I tell students, ‘Go out and get your CPA and then come back to us.’ I don’t view the two credentials as mutually exclusive, because both bring value to a professional career. I tell them to spend more than two years in public accounting and then, consider what the CMA can bring to their career long term. I tell them not to sell the CMA short.”

For more information, please visit www.imanet.org

IIA (The Institute of Internal Auditors) I theiia.org

From his vantage point at The Institute of Internal Auditors’ Global Headquarters, Richard F. Chambers, CIA, believes that internal auditors can play a proactive role in helping solve problems such as the global financial crisis. Chambers listed six ways internal audit practitioners can demonstrate their value in today’s business environment.

1. Point out operational risks.

Insufficient internal controls in operations can bring a company to its knees just as quickly as can lax controls on the financial side of a business. In fact, many of the large failures over recent years were the result of operational and oversight ineptitude. It is important for internal auditors to make sure that management and the audit committee understand the dangers and potential damage of operational risks, the criticality of assessing operational risks, and the internal audit activity’s role in ensuring operational controls are working. Once those at the top have a comprehensive picture of internal auditing’s value in regard to operational risks, they more readily will view the chief audit executive (CAE) as a valuable internal resource capable of identifying and assessing operational risks.

2. Provide assurance on risk management.

One of the outcomes of the current financial crisis is that internal auditors may be given an opportunity to play a greater role in providing assurance on how well risks are being managed in the organization. Historically, ensuring internal controls are effective has been a high priority for boards of directors, and providing assurance that controls are working has long been an important internal audit role. Due to the current economic crisis, stakeholders will demand an even greater focus on strategic, operational, and business risks, which will require organizations to enhance their risk management and adopt a strong controls-oriented business approach.

Those at the top will need to identify who within their organization has the independence, objectivity, and know-how to assess and provide assurance on how effectively risks are being managed. Who better than the internal auditors? They are well equipped and uniquely positioned to fulfill this role. But with this new opportunity comes greater responsibility. Clearly, many of the risks of recent corporate misbehavior could have been mitigated with proper controls. The CAE must be prepared to keep the audit committee and senior management informed about the company’s risk profile, how the profile is being affected by major events, and whether profile changes are reflected in the company’s risk assessment plan.

3. Emphasize the importance of the internal auditors’ independent and objective perspective.

One of the challenges that the internal audit profession has always encountered is the need to clarify for all stakeholders the internal auditors’ role, responsibility, and potential value. Internal auditing brings to the table a composite of not only good business acumen, but also in-depth knowledge of good internal controls and risk assessment. Their independence and objectivity also are critical to the value they bring to their organizations. A mandate in the form of a written internal audit charter should establish the internal audit activity’s purpose, authority, and responsibility; and should support its independence and objectivity within an organization. Further, the internal auditors should adopt a policy that endorses their commitment to abide by The IIA’s Code of Ethics and avoid conflicts of interest. They also should disclose any activity that could result in a possible conflict of interests.

4. Follow the profession’s authoritative guidance.

Internal audit professionalism is absolutely essential. One of the key areas of strength for the profession is The IIA’s International Standards for the Professional Practice of Internal Auditing (Standards), which are recognized worldwide. The Standards set the bar for the profession by outlining basic principles, establishing the basis for evaluation of internal audit performance, and fostering improved processes and operations.

Along with the Definition of Internal Auditing and the Code of Ethics, the Standards are a mandatory component of the profession’s authoritative guidance — the International Professional Practices Framework (IPPF). Strongly recommended guidance comprises Practice Advisories, Position Papers, and Practice Guides. Combined within the framework, the mandatory and strongly recommended guidance form the IPPF wheel of authoritative guidance.

5. Enhance knowledge of information technology.

Today, technology plays a critical role in how organizations everywhere operate, as well as how they are monitored and controlled. In order to provide a relevant service that adds value to organizations, internal auditors need to ensure that they are both informed and flexible, and that their IT skills are relevant and continuously up to date.

Internal auditors must draw on a variety of technologies to assist with data extraction and analysis, computer-assisted audit techniques, control monitoring, audit reporting, and work flows. IT developments are moving at warp speed, which requires internal audit practitioners to be diligent and ever aware. The IIA’s free Global Technology Audit Guides (GTAG), which are part of the IPPF’s strongly recommended authoritative guidance, are a valuable resource for staying knowledgeable about the different risks, controls, and governance issues associated with technology. Also a part of the IPPF, the GAIT guidance and methodology set of Practice Guides is designed to help organizations identify the key IT general controls needed for an efficient and effective scope of work for Section 404 of the U.S. Sarbanes-Oxley Act of 2002.

6. Become certified.

Even in today’s struggling economy, the demand for internal auditors is strong, as public and private companies respond to heightened stakeholder expectations and corporate reforms. Potential employers are not only looking at college degrees and experience, but also at what sets candidates apart from the rest.

Many organizations seeking internal audit professionals through The IIA’s Career Center are now requiring applicants to hold the Certified Internal Auditor (CIA) designation. And a recent review of job postings for internal auditors on a global job search site revealed that as many as three out of four employers require or prefer candidates who have earned the CIA.

Similarly, The IIA Research Foundation’s Global Audit Network (GAIN) Annual Benchmarking Study found that 37 percent of respondents work for organizations that require or encourage their CAEs, directors, and managers to be or become CIAs. And more than half of the organizations encourage regular audit staff to obtain their CIA.

When Chambers speaks to people entering the profession, he always encourages them to invest in their future by becoming the best internal audit professional possible. It is his belief that the CIA helps practitioners prepare for dealing with increasingly complex and diverse issues and responsibilities. He indicates that, in his own career, demonstrating professionalism and being committed to excellence has not been optional. He believes that his CIA designation communicates to the world that he exemplifies professionalism, proficiency, and commitment.

Now is a good time to be an internal auditor.

Chambers says that every day he is reminded of the great needs that internal audit practitioners fill and believes that there has never been a better time than now to be an internal auditor. “The time has arrived for us to strengthen our capabilities in areas of risk most critical to stakeholders,” says Chambers. “We must cope with new demands for increased corporate accountability, and proactively step forward on behalf of organizational ethics and integrity,” he says.
As the profession’s acknowledged leader, recognized authority, and principal educator, The IIA is busy preparing its members for challenges ahead. Chambers looks forward to the future as The IIA’s new president, and is excited about the opportunities for the profession and its more than 165,000 IIA members all over the world.

Richard F. Chambers, CIA, was appointed president of The Institute of Internal Auditors in January, 2009. He brings to the position 33 years of internal audit, accounting, and financial management leadership and 15 years of experience serving as an IIA volunteer and holding various leadership roles. As The IIA’s president, Chambers will share, along with the chairman of the board, the role of official spokesperson for The Institute, representing members in 165 countries. He will be responsible for setting priorities and developing and implementing new initiatives.

Morgan International has long been associated with quality courses that drive people’s careers and companies’ success.  And now Morgan International has taken the initiative to offer you even more added value.  Morgan International has recently formalized its partnership with IASeminars of London and Washington to form a joint company - IASeminars Morgan - which will service the increasing demand for professional IFRS training throughout the Middle East and in all Arabic speaking countries.   

IASeminars CEO Marc Gardiner states: “The Middle-East is a region of enormous opportunity, and good corporate reporting is an important stimulus to economic development in the region. We are delighted to be partnering with our friends at Morgan International to offer the most comprehensive and detailed technical range of IFRS courses to our mutual clients.”

This move represents a significant milestone for both companies, given Morgan’s prominence in the region and IASeminars’ position as a global provider of international accounting courses. IASeminars has the world’s deepest and broadest range of courses on International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP), including in-house courses which can be designed and delivered  to the client’s specification. IASeminars courses covering more than 60 technical topics have been delivered to over 4000 delegates from more than a hundred countries. This impressive offering from IASeminars goes hand-in-hand with Morgan International’s professionalism, positive reputation and expertise in the Middle East and Arabic speaking countries. 

Following on from the success of the Morgan International and IASeminars’ jointly-offered IFRS / US GAAP courses in 2008, the new joint company IASeminars Morgan is pleased to announce that we will be offering our expertise in 2009 through courses in Dubai, Beirut and Riyadh.  A number of different courses will be offered, ranging from the general to the specific, and from 1 to 8 days in duration. This comprehensive offering represents important opportunities in these difficult times.  Why?  Because International Financial Reporting Standards (IFRS) represent a global standard in transparency and comparability for business entities conducting business in the competitive global market.

The facts speak for themselves.  Since 2005, all 7,000 listed companies in the European Union have been using IFRS.  Australia and South Africa adopted IFRS even earlier than that. In America, the US Securities and Stock Exchange Commission now accepts IFRS figures from foreign companies listed on the US exchanges, and is currently considering switching from US GAAP to IFRS reporting for domestic companies by 2014. Canada will be transitioning to IFRS in 2011, as well Brazil. Many countries in the Middle East already accept IFRS reporting, or else look certain to switch to IFRS in the future.  In total, over 100 countries around the world have already adopted IFRS, and this number is constantly on the rise.  IFRS is the way of the future – the global capital markets demand the transparency and comparability that it offers. Therefore, getting up to speed in IFRS is essential, especially for any business with an international outlook.

Get ahead of the game – invest in your IFRS knowledge in 2009! IASeminars Morgan is here to give you the edge that you need on the global stage in 2009.

For more information about our IFRS courses or to register, please visit www.iaseminars.com

About IASeminars
Based in London and Washington DC, IASeminars is a specialist independent training company providing a comprehensive range of international accounting and finance training courses around the world, on International Financial Reporting Standards (IFRS), US Generally Accepted Accounting Principles (US GAAP), Comparative / Other GAAP and Governance & Compliance. IASeminars offers several hundred public seminars and in-house training courses each year in over 30 cities worldwide.

For more information, please visit: www.iaseminars.com

After the success of 2008, Morgan International is pleased to announce the start of our 2009 CTP and CSCP Preparatory Review Courses in Dubai.  For the second year running Morgan International’s rich portfolio of course offerings in CTP and CSCP are here to take your career to greater heights.   As Shadi Abi Nader (Morgan International’s Business Development Manager) stated: “we are introducing a second batch of courses in Dubai following last year’s successful outcome.  Given the global financial crisis, the rising demand for certified people has become even more important as it gives individuals and companies the extra edge need to stay on top.” 

The six-day CSCP Preparatory Review Course will take place from Saturday 25 April to Thursday 30 April from 9 amto5 pm in preparation for the June CSCP exam, administered by the Association for Operations Management (APICS).   The six-day CTP Preparatory Review Course will also take place during April in preparation for the June/July 2009 CTP exam, administered by the Association for Finance Professionals (AFP).

The Certified Supply Chain Professional (CSCP) Preparatory Review Course will help advance your career in Logistics & Supply Chain Management as more employers consider the CSCP certification as an added value.  Given the increasingly competitive and challenging global business environment companies are pressed to find ways of efficiently operating at a lower cost and hence need to re-think their entire supply chain operations to meet today’s challenges and distinguish themselves from competitors.  The CSCP not only translates into increased earnings, career advancement, heightened recognition and greater confidence, but represents know-how in: boosting productivity, collaboration, and innovation; positively affecting lead times, inventory, productivity and bottom-line profitability; managing the integration and coordination to achieve reduced costs and increase efficiency, customer service and worldwide supply chain activities.

The Certified Treasury Professional (CTP) Preparatory Review Course will push your career in Treasury Management forward since many organizations now look for people who are certified.  With the new focus on the Sarbanes-Oxley Act and evolving corporate environment, the CTP certification tells the world you are the person to help with solutions and remains a potent force despite the current global financial situation.  Not only will you have more opportunities and earn up to 25% more than your non-certified colleagues, but the CTP certification proves your commitment to the industry, expertise and in-depth treasury knowledge.  The CTP is so versatile that many professionals have benefitted from it, ranging from those working in finance or treasury to marketing.

While the benefits alone are reason enough to register for either of these two exceptional courses, Morgan International offers even more motivation:  special discounts apply for Early Bird Registrations, Corporate Groups and Former Morgan Candidates.

About APICS
The Association for Operations Management is the global leader and premier source of the body of knowledge in operations management, including production, inventory, supply chain, materials management, purchasing, and logistics. Since 1957, individuals and companies have relied on APICS for its superior training, internationally recognized certifications, comprehensive resources, and worldwide network of accomplished industry professionals. For more information, visit www.apics.org

About AFP
The Association for Financial Professionals (AFP) serves more than 16,000 individual members throughout all stages of their careers in treasury and financial management. Headquartered in Bethesda, MD, AFP provides professional certification; continuing education; research; development of industry standards; financial tools and publications; training and career development; and representation to legislators and regulators. For more information about AFP, visit www.AFPonline.org