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The Special Committee on Enhanced Business Reporting Alan Anderson Mike Starr July 16, 2004

Report to the AICPA Board of Directors. The Special Committee on Enhanced Business Reporting Alan Anderson Mike Starr July 16, 2004. First Meeting of the SCEBR*. AICPA BOD Update: SCEBR Mission. Special Committee on Enhanced Business Reporting (SCEBR) Approved by AICPA BOD.

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The Special Committee on Enhanced Business Reporting Alan Anderson Mike Starr July 16, 2004

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  1. Report to the AICPA Board of Directors The Special Committee on Enhanced Business ReportingAlan AndersonMike StarrJuly 16, 2004

  2. First Meeting of the SCEBR* AICPA BOD Update: SCEBR Mission Special Committee on Enhanced Business Reporting (SCEBR) Approved by AICPA BOD SCEBR Accomplishments to Date… April 2003 September 2002 January 2003 *Denotes Special Committee Meeting Dates

  3. 1st AICPA Board Update ~ April 2003: SCEBR Mission MISSION: To establish a consortium ofinvestors, creditors, regulators, management, & other stakeholders to improve the quality & transparency of information used for decision-making

  4. AICPA BOD Update: Social Mapping Results and Desired Consortium Representation First Meeting of the SCEBR* AICPA BOD Update: SCEBR Mission Special Committee on Enhanced Business Reporting (SCEBR) Approved by AICPA BOD …SCEBR Accomplishments to Date April 2003 September 2002 July 2003 January 2003 *Denotes Special Committee Meeting Dates

  5. Business Information Supply Chain Communities Producers of Business Information Public Companies Representing a Range of Industries and Sizes Private Companies Industry Associations and Professional Organizations Consumers of Business Information Regulatory Agencies and Rule-Making Bodies Large Institutional Investors and Investor Associations Stock Exchanges Banks and Other Lending Organizations Rating Agencies Enablers of Business Reporting Accounting Firms and Professional Organizations Technology Companies Representing a Range of Reporting Services Think Tanks and Academia 2nd AICPA Board Update ~ July 2003: Social Mapping Results – Desired Consortium Representation • Social mapping exercise completed – identified key stakeholders across the business information supply chain:

  6. AICPA BOD Update: Social Mapping Results and Desired Consortium Representation First Meeting of the SCEBR* AICPA BOD Update: SCEBR Mission AICPA BOD Update: Building Consensus - Advisory Council Formation Special Committee on Enhanced Business Reporting (SCEBR) Approved by AICPA BOD …SCEBR Accomplishments to Date April 2003 December 2003 September 2002 July 2003 January 2003 *Denotes Special Committee Meeting Dates

  7. New Member Representing the Preparer Community Norm Augustine Former Chair & CEO, Lockheed-Martin Maria Cattaui Secretary General, Intl. Chamber of Commerce Rod Hills Former Chair, SEC Ned Regan President, Baruch College Paul Volcker Former Chair, US Reserve Board David Walker Comptroller General of the US 3rd AICPA Board Update ~ December 2003: Building Consensus - Advisory Council • Advisory Council established – members include:

  8. AICPA BOD Update: Public Company Task Force Prototypes, Outreach Campaign AICPA BOD Update: Social Mapping Results - Desired Consortium Representation First Meeting of the SCEBR* AICPA BOD Update: SCEBR Mission AICPA BOD Update: Building Consensus - Advisory Council Formation Special Committee on Enhanced Business Reporting (SCEBR) Approved by AICPA BOD …SCEBR Accomplishments to Date April 2003 December 2003 June 2004 September 2002 July 2003 April 2004 January 2003 *Denotes Special Committee Meeting Dates

  9. 4th AICPA Board Update ~ April 2004: Public Company Task Force Prototype Reports • Reports are complete and online versions are in process • Lintun Solutions prototype report can be viewed at http://www.em3design.com/temp/AICPA/ • Peter Wallison, AEI presented Lintun to Alan Beller, SEC • Staff of Senate Banking Committee and House Financial Services Committee have requested demos, and are considering holding a hearing on “Transparency and what the private sector should be doing”

  10. One: Critical mass Two: Credibility Three: Launch Four: Halo effect • A National press event supported by regional events, • Organized support and endorsements from 1000 influencers • Advisory Council/ Consortium members, • Research studies, • Message guidebook • Materials, and information package • 6 champions • 10 events • 12 teaser communications • 6 media briefings • 2 SEC briefings • 300 letters to Congress and editors, • 20 Op-eds and columns, • Ongoing momentum releases Feb - Aug 2004 Aug - Oct 2004 Nov 2004 2005 4th AICPA Board Update ~ April 2004: Outreach Campaign • Planned communications deliverables projected timeline:

  11. 4th AICPA Board Update ~ April 2004: Outreach Campaign • Outreach and Communications • Advisors and champions • Roundtables, dinners, and executive meetings with key business leaders and policy makers • Media briefings with representatives from high profile newspapers and business publications

  12. Key Outreach Successes to Date • Support has been garnered from: • SEC • Business Roundtable • National Association of Corporate Directors • US Chamber of Commerce • Roundtable hosted by Congressman Trent Franks in Phoenix

  13. 7/31: Final Business Plan Strategic Partners in Place, Charter Members Identified AICPA BOD Update: Consortium Launch Strategy and Progress to Date Future Plans and Milestones July 2004 August 2004 *Denotes Tentative Timing for Final Special Committee Meeting

  14. Recent Developments and Strategic Implications • The SEC and XBRL • June 28, 2004 meeting • Accelerating formation of the Consortium • Approved by the Special Committee on June 22-23

  15. Jump-Starting the EBR Consortium – Foundational Strawman Structure Goal = Balance by Supply Chain Community, Industry and Geography

  16. Upcoming Meetings & Events • Strategic Partners: • Council of Institutional Investors • Financial Executives International • Investment Company Institute • Nasdaq • New York Stock Exchange • Securities Industry Association • National Investor Relations Institute

  17. Upcoming Meetings & Events • Executive Meetings: • IBM, VP of Communications • ConAgra, EVP • Sovereign Bancorp, CFO • Entergy, CAO • Sunoco, Corporate Secretary, Chief Governance Officer and Assistant General Counsel • Paul O’Neill, former Treasury Secretary and ALCOA CEO

  18. Upcoming Meetings & Events • Roundtables: • London: 1st CBI Dinner • Dallas: Rep. Pete Sessions • Chicago: Bob Abboud • Salon Events: • John McLaughlin to host a salon dinner – additional hosts may include: • James Glassman, AEI • Roger Raber, NACD • Norm Augustine, Lockheed Martin • Lawrence Chimerine, President, Radnor Intl. Consulting Inc. • New Republic magazine interested in hosting • CFO Forums: Northwestern University and University of Chicago

  19. Final Business Plan Strategic Partners In Place, Charter Members Identified AICPA BOD Update: Consortium Launch Strategy and Progress to Date Outreach with Potential Charter Members First Meeting of the EBR Consortium …Future Plans and Milestones Target EBR Consortium Launch Date: MIT Global Leadership Forum July 2004 August - October 2004 January 2005 November 2004 *Denotes Tentative Timing for Final Special Committee Meeting

  20. What are the Consortium's Objectives? • Develop and maintain a framework of guidelines and definitions for industry-specific value drivers and key performance indicators, as well as information about opportunities, risks, strategies and plans Eliminate redundant, useless information in favor of more relevant, timely content and presentation • Develop a plan for market-driven implementation of enhanced business reporting

  21. I. Global Framework Development January 2005 December 2005 Develop framework of voluntary global guidelines for Enhanced Business Reporting and corresponding technology path Test framework & edit accordingly Develop & launch international reward program II. Industry-Specific Framework Development and Implementation by Geography January 2006 June 2007 Industry-specific framework development Implementation by Geography Straw-man Timeline for Consortium Activities

  22. Final Business Plan Strategic Partners In Place, Charter Members Identified AICPA BOD Update: Consortium Launch Strategy and Progress to Date Outreach with Potential Charter Members First Meeting of the EBR Consortium April 2005: Final Deadline for Successful Establishment of Consortium …Future Plans and Milestones Target EBR Consortium Launch Date: MIT Global Leadership Forum July 2004 August - October 2004 January 2005 November 2004 *Denotes Tentative Timing for Final Special Committee Meeting

  23. Conclusion Better markets through better information "The problems that we have created cannot be solved at the level of thinking that created them" Albert Einstein

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