NEWSLETTER, Summer 2007

Nelson and Feiger to More Prominent Roles
Saying No to Fuzzy Math
Hide the Debt
IFTA Testifies in DC

IFTA’s New Chairman Roger Nelson

IFTA’s New Vice Chairman
Mitch Feiger

IFTA NAMES NELSON AND FEIGER TO MORE PROMINENT ROLES

Advisory board members Roger Nelson and Mitchell Feiger have been named chairman and vice-chairman, respectively, of the board for the Institute for Truth in Accounting.  In these new roles, both men will play a more prominent role in the increasing need for transparency in government reporting and have wholeheartedly taken on the responsibility.

“It is such a joy to work with these individuals who not only believe in your cause, but are willing to go the extra distance to get the Institute’s message across. Between Roger’s vast global consulting expertise and Mitch’s financial ‘sixth sense’, everyone will know our federal and state governments’ true financial position in no time!,” joked IFTA CEO, Sheila Weinberg, who then turned serious. “Clearly, there is a lot of work to be done, and having these two on my team makes the process go a lot smoother.”

Roger Nelson, a retired Deputy Chairman of consulting Services for Ernst & Young LLP, has more thirty years of experience serving a wide range of clients. His expertise lies in financial planning and control, information systems, performance measurement and general management projects for major multinationals. Mitchell Feiger is President and Chief Executive Officer of MB Financial, Inc. He also serves as a director of MB Financial Bank and Union Bank, N.A.

Nelson and Feiger now take on the added responsibility of getting the message to the masses, as well as organizing more IFTA events and lectures.  Their goal is to get the message to the media in time for the next election.
Weinberg is hopeful, and believes the title change will make these “three financial musketeers” more influential than ever.

Saying No to Fuzzy Math:  Sheila Weinberg Fights For Truthful Government

The Institute was featured in an article on the Sam Adam Alliance website.   The article, which discusses our federal and state missions, can be found at:  http://www.samadamsalliance.org/publication/id.232/pub_detail.asp
The Sam Adams Alliance connects and supports citizen leaders who are working to defend liberty, hold the government accountable, and make real political change at the local level.

Hide the Debt
An article posted in Common Sense, a Sam Adam Alliance publication, states, “I can’t think of any movies where an accountant comes into a business, or a government, and saves the day. But maybe there will be one, someday. It’ll be about Sheila Weinberg.”  Please review this article by Paul Jacob at:   http://thisiscommonsense.com

Federal Financial Accounting Standards Board Appointment and Testimony

Sheila Joins FASAB Force Announcement

Sheila has been invited to participate in the FASAB's Fiscal Sustainability Task Force, specifically as a member of the "Communications/Financial Statement Users" group.   This group will advise FASAB on how to make financial statement reporting on fiscal sustainability understandable and meaningful to readers.  The group will also recommend options for ensuring that the information is communicated effectively.
You can find more info on the task force at:  http://fasab.gov/pdffiles/newsrelease_stf.pdf

IFTA Testifies in DC on May 23rd

IFTA testified in front of the Federal Accounting Standards Advisory Board on May 23 in Washington, D.C.  Our verbal comments on our response to FASAB’s Preliminary Views Document - Accounting for Social Insurance can be found at:    http://www.truthinaccounting.org/pdf/fed/052307fasab.html

IFTA’s written response can be found at:  http://www.truthinaccounting.org/pdf/fed/fasab_si_response.pdf  

Even though Social Insurance is a $44 trillion issue, FASAB has received less than sixty comment letters.   In addition to IFTA’s response, IFTA members Rick Skiba and Tom Prince sent in personal responses and other members are encouraged to do the same.  We applaud Rick for his efforts in working with Congressman Mark Kirk and former Congressman Chris Chocola on their Congressman’s responses.  The comment letters can be found at: http://www.fasab.gov/commentletter.html

BLOGGING: Check out Sheila's Blog for more information about the Institute for Truth in Accounting's upcoming schedule and feel free to leave comments. Things happen daily, so check back often!

The Institute for Truth in Accounting is made up of business, academic, governmental and other leaders who are committed to high standards of ethics and integrity and who support these principles in the private as well as in the public sector. Members support the work of the IFTA through broadening the base of community leaders who are aware of the IFTA’s work and purposes, and by association, enhance the credibility of the organization. Members endorse the IFTA’s mission, which is to enhance the credibility of public and private sector financial reporting by encouraging the issuance of understandable, reliable information.

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