Professionally Speaking: Accounting Trends That Are Shaping the Future
Date: Wednesday, September 24, 2008
Time: 11:00 AM ET / 10:00 AM CT / 09:00 AM MT / 08:00 AM PT [Prevailing Time]
Presenter(s): Thomas E. Kandel, Senior Accountant, Regulatory Affairs - National Rural Utilities Cooperative Finance Cooperation
Objective: To identify and define several emerging professional accounting trends, provide current insights and observations as to their significance and implications as well as prepare individuals to become more actively engaged in monitoring and interpreting the implications of these trends on behalf of their organizations.
Field of Study: Accounting
Program Level: Basic
CPE Credit: 1 Credit Hour

No advanced preparation or prerequisites are required for this course.

Course Description
The competitive nature of financial markets and the world economy is becoming more and more of a driving force in the search for the “Holy Grail” of universal accounting and financial reporting standards. The tide is shifting at an unprecedented pace and mostly into international waters. To date, more than 100 countries have adopted or have set future dates to adopt International Financial Reporting Standards (IFRS), the equivalent of “international GAAP.” Can one size fit all? Who will enforce the principals-based standards promulgated by the International Accounting Standards Board (IASB)? What will it take to be able to become “fluent” in this new international accounting language?

The purpose of this timely presentation, “Professionally Speaking—Accounting Trends That Are Shaping the Future,” is to introduce and define several professional accounting trends that are shaping the accounting profession and business organizations both domestically and internationally. While the primary emphasis is on international accounting convergence, the presentation will address other important, related trends including international auditing convergence, the status of the IASB project on private entities (formerly referred to as Small and Medium Entities), the use of XBRL (Extensible Business Reporting Language) and other pertinent subjects.

The presentation is organized to appeal to a variety of professionals. While essential material and information for business professionals, it should be of interest to less technical observers who want to be more informed of the trends and their potential implications on the broader economy, investing and other areas. For cooperative accounting and financial professionals, it is particularly important that you become knowledgeable in order to foresee and interpret the implications of these trends on behalf of your organization. Get onboard before the train reaches bullet speed!

Presenter Bio(s)
Tom Kandel joined CFC in 2006 as Senior Accountant, Regulatory Affairs. In this capacity, he provides accounting and ratemaking expertise to CFC and its member cooperatives. This includes (a) reviewing and interpreting Financial Accounting Standards Board (FASB), Federal Energy Regulatory Commission (FERC), Rural Utilities Service (RUS) and other authoritative accounting guidance; (b) actively participating in regulatory ratemaking activities and proceedings; and (c) representing CFC on several utility industry-related accounting and tax committees.

Tom’s professional background includes a number of years of senior-level administrative accounting and financial experience in the electric utility industry. Most recently, he served as Vice President and Chief Financial Officer for Southern Maryland Electric Cooperative (SMECO), Hughesville, Maryland from 1996 to 2006. During all or part of his ten years with SMECO, he was responsible for the organization’s accounting and financial functions (including accounting, financial reporting, cash management, financing, ratemaking, customer billing, credit and collections, budgeting and financial forecasting activities).

Tom has a B.S. in Business degree from Miami University and an M.B.A degree from Xavier University. He is a Certified Public Accountant, licensed in Ohio and Virginia, and a member of the American Institute of Certified Public Accountants (AICPA), Maryland Association of Certified Public Accountants (MACPA) and National Society of Accountants for Cooperatives (NSAC).