GAAPChangesNEW YORK July 14 /PRNewswire/ -- Despite uncertainty about timing of the

GAAPChangesNEW YORK, July 14 /PRNewswire/ -- Despite uncertainty about timing of the moveto International Financial Reporting Standards (IFRS) in the United States,PricewaterhouseCoopers (PwC) maintains that the adoption of IFRS in the U.S.is inevitable, and that there is still overwhelming support for a single setof global accounting standards.We expect steadily increasing convergence activity followed by eventualconversion to IFRS In the short term, companies with non-U.S. subsidiarieswill experience the greatest impact, as the rest of the world continues toadopt IFRS, including territories that will begin to allow or require IFRS forstatutory purposes.The release of new IFRS guidelines for small andmedium-sized entities, released last week, may accelerate this globaladoption.Additionally, all U.S businesses will face an unprecedented wave of U.S. GAAPchanges, influenced by - and, in many instances, conforming to IFRS - over thenext several years. To that end, we have identified six imperatives for U.S panies, which we will explore in greater detail in a webcast on Wednesday.1.

Focus on the challenge.The next several years will bring majorchanges to U.S. financial reporting.Whether changes arrive throughconvergence, an SEC-mandated move to IFRS, or continued IFRS adoption bysubsidiaries and counterparties, the effect on U.S businesses will be considerable.2. Perform an assessment.Consider the effects these alternative paths could have and identify business, accounting, tax, investor, control, systems and work-force related issues.3. Be ready to adapt to ongoing change.Use scenario planning to incorporate likely convergence and IFRS adoption expectations into your strategic thinking and business planning.4. Monitor actual changes.Closely follow SEC actions and new FASB andIASB standards. Consider how they will influence your non-U.S.counterparties (customers and vendors) and affect your reporting, long-termcontractual commitments, tax structures, financings, systems and controls. (For real-time alerts on updates from FASB, IASB and the regulators, see PwC DataLine homepage on CFOdirect: ) .5.

Maintain corporate oversight.Influence transition timing, strategies, and policy decisions of non-U.S subsidiaries that are or may soon be IFRS users.6. Identify what you can do now.Stay focused on those aspects of convergence and conversion that have a long lead-time and considersmall one off projects and "easy wins" where desirable.We believe the SEC will ultimately propose a revised roadmap, and we expect tosee an increase in SEC-related IFRS activity toward the end of this year orbeginning of 2010, as progress is made on the financial crisis and regulatoryoversight matters.The accounting changes stemming from continued convergence are more complexand carry greater significance than many prior U.S GAAP changes. * Eka Chemicals Plant in Salaberry-de-Valleyfield, Canada, will be the first todemonstrate GE`s new smart grid asset optimization solution to help reducetransformer-caused downtime in the plant. This first collaborative effortdemonstrating GE`s new smart grid Asset Optimization service offering willillustrate how utilities and industrial sites can improve productivity, maximizetransformer performance and extend asset life through status-based maintenanceand upgrades.

* Orion New Zealand Limited completed implementation of the first phase of asophisticated network management system based on GE smart grid technologies tohelp improve power reliability for customers. The system of smart gridtechnologies will significantly improve the network company`s ability to managebig network emergencies and help it to restore power faster when outages occur."By giving people real choice in how they spend - and save - their energydollars, we move them to a new level of energy awareness," said Bob Gilligan,vice president, transmission and distribution at GE Energy. Each year the Councilrecognizes the CCO that best exemplifies these ideals and has had thegreatest impact in helping members achieve similar results.To read more about the consensuses reached by attendees at the CCO Summitlast month, check out N. Bingham is President of Predictive Consulting Group, a firm thathelps companies increase customer acquisition, retention, and customerprofitability through customer strategy He is also the founder of theChief Customer Officer Council. More information can be found at or call 978-952-0047Contact:Curtis N. Bingham978-952-0047Copyright 2009, Market Wire, All rights reserved.-0-.

New poll finds 3 out of 5 consumers would adapt behavior for Smart GridtechnologyNISKAYUNA, N.Y.--(Business Wire)--A leader in Smart Grid solutions, GE today unveiled plans for a "Net Zero EnergyHome" project which combines GE's most efficient appliances and lighting, thecompany's new energy management systems, and GE power generating and storingtechnologies in new home construction. When applied together, the system wouldenable a homeowner to achieve net zero energy costs by 2015. The Net Zero EnergyHome project -- and new smart grid consumer poll data from the U.S. and the U.K.-- were introduced at GE's smart grid symposium at its Global Research Center inupstate New York.