It expects all intentional erroneous adjustments to be reported to the audit committee. All that said, we asked a lot of practical questions about immaterial items that you bump into in closing the books. The answer came back consistently that nothing should change as to these items. You don't have to change your accounting policies to book every little immaterial item. You don't have to capitalize every little copier lease.
Practicality still rules.
Special thanks to FEI leaders Roger Trupin, VP and controller of Citigroup and Bob Dickson, VP and treasurer of Carpenter Technology, for being panelists on the call. Also Joe Berardino head of Arthur Andersen's North America audit practice did a terrific job as well. Roger and I had the pure joy of sitting in the plane, on the runway, at DC's Reagan National Airport for 4.5 hours trying to get home. The best part of FEI is the ability to ask questions and share problems with your peers. Don't forget about our member database .