British American Business Council of Greater Philadelphia

On Thursday, October 22 from 8-10:30 a.m., the British American Business Council will host a breakfast seminar at the Racquet Club of Philadelphia to help members fully understand the Foreign Corrupt Practices Act (FCPA) and other anti-bribery and corruption laws that are vital when doing business abroad.

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As more organizations conduct business globally, they must consider their obligation to comply with the U.S. Foreign Corrupt Practices Act and similar anti-bribery laws in other countries where they do business. At the same time, worldwide initiatives to combat corruption and bribery are gaining momentum, and companies face not only FCPA actions in the United States, but also the possibility of parallel or concurrent enforcement actions under similar laws or regulations in other jurisdictions. In addition to substantial fines and hefty legal costs, FCPA violations and other bribery and corruption breaches pose other serious consequences, including reputation risks and the loss of investor confidence.

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Join the British American Business Council for a night of business networking along with drinks and hors d’oeuvres from across the pond on Wednesday, November 4 from 5-7 p.m. at aka Rittenhouse Square.

Make great contacts with members of the British American Business Council as well as members of the international business community in the Greater Philadelphia region while experiencing aka Rittenhouse Square’s luxurious suites located on the square.

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Our annual membership directory has arrived! All those e-mails confirming your company’s updated membership listing are now worth it. Browse through your fellow BABC members’ listings, reminisce about events throughout the past year, and keep your directory handy for all resources regarding the UK.

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Start counting down the days until the much-anticipated holiday season, and even more-anticipated event, the British American Business Council’s Holiday Luncheon! Get out your Christmas cracker hats, because this year we are thrilled to announce that we will be joined by publishing giant Condé Nast’s digital media-maven, Jamie Pallot, on Friday, December 4 at the Racquet Club of Philadelphia.

As Editorial Director of Condé Nast Digital, Jamie Pallot is responsible for the content and user experience of the company’s Web brands, including Style.com, Men.Style.com, Epicurious.com, Concierge.com and Brides.com.

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The Greater Philadelphia area is home to nationally recognized professional sports teams such as the World Champion Philadelphia Phillies, the Philadelphia Eagles, the Philadelphia 76ers and the Philadelphia Flyers. And now, Greater Philadelphia is pleased to welcome Major League Soccer team, the Philadelphia Union, to the area.

In recognition and celebration of our numerous “football” fans, the British American Business Council is in the planning stages of an event designed to welcome the Philadelphia Union, get an inside look at the MLS’s newest team, and hear from Philadelphia Union executives about the upcoming season.

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By Chris Mutter & Steve Haffner, Pricewaterhouse Coopers LLP

In 2005 UK listed companies adopted International Financial Reporting Standards (IFRS). Now IFRS is not only affecting subsidiaries of UK public companies in the US but US companies in general. The impact will broaden considerably over the next few years as ongoing convergence of US GAAP and IFRS changes a dozen key areas in financial reporting guidance. Meanwhile, companies are feeling the indirect effect of IFRS adoption by their foreign subsidiaries and counterparties, particularly in customer and vendor transactions. To take these developments in stride, companies need to assess where IFRS intersects with their financial reporting and business decisions, both in the US and around the globe.

Moving to a universal accounting language is a natural and necessary response to the globalization of business, finance and investment. A single set of high-quality global standards will not only reduce the unnecessary complexity that exists with multiple reporting languages, but it will also help achieve greater global comparability of information, broaden the accessibility of cross-border capital, and generate process and cost efficiencies for multinational US issuers over time. This will improve investors’ ability to assess investment options across a full spectrum of globally available securities and increase the competitiveness of the US capital markets.

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The Philadelphia Convention & Visitor’s Bureau (PCVB), a membership-based organization, which serves as the official state-designated tourism promotion agency for the city, has, in recent years, devoted substantial resources to attracting international travelers. A dramatic expansion of Trans-Atlantic flights and a favorable exchange rate have made America accessible, as well as a great value.

Statistics from the U.S. Department of Commerce show that the U.K. is historically the #1 source of overseas visitors to the region. In 2008, a record 151,000 British travelers visited – nearly double the number from a decade ago.

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