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AIA to Establish a Chief Financial Officers Council

Economic concerns over the last two years have prompted Congressional attempts to impose financial regulations that affect AIA member companies. In addition, several ongoing efforts, such as the harmonization of cost accounting standards with the Pension Protection Act and the convergence of International Financial Reporting Standards with U.S. Generally Accepted Accounting Standards have kept the chief financial officers of our member companies heavily engaged.

Traditionally, AIA has tried to deal with these kinds of issues under the Procurement and Finance Council’s agenda. But the issues we have been seeing lately are not generally dealt with in contracting and contract compliance. Supported by AIA, several of our member companies have created ad hoc groups within their companies to work on things like financial standards conversion and Sarbanes-Oxley implementation. In order to put the right attention on these important financial and accounting issues and to provide the right structure and resources to best serve our membership, AIA is seeking approval of the Board of Governors to establish a Chief Financial Officers Council.

There is a plan to inaugurate the CFO Council with a spring conference. The conference will allow our CFOs to discuss their issues of concern as well as to hear some distinguished speakers. We will extend invitations to government officials such as the DOD Comptroller/Chief Financial Officer, the Auditor General of the United States and members of the Financial Accounting Standards Board. Stay tuned for updates as plans progress.

AIA Source: ric.sylvester[at]aia-aerospace.org