FEI top 10 financial reporting issues for 2005
06 Jan 2005
Financial Executives International has compiled a list of the Top 10 Financial Reporting Challenges for 2005.
While the list is written primarily in a US reporting context, nearly all of the challenges on the list relate to IASB projects as well:
- Stock Options (SFAS 123 and IFRS 2).
- Internal Controls.
- Revenue recognition (a joint IASB-FASB project).
- Uncertain tax positions (FASB and IASB are working to converge their income tax standards).
- Unremitted foreign earnings (FASB and IASB are working to converge their income tax standards).
- Business Combinations (a joint IASB-FASB project).
- Inventory costs (FASB has issued Statement 151 in late 2004 to converge with IAS 2).
- Off-balance-sheet arrangements disclosures.
- XBRL (an IFRS Taxonomy has been developed).
- MD&A; guidance (an IASB research project).