Special edition of Deloitte's Audit Committee Brief

  • News default Image

24 Mar 2005

In a news story dated 6 January 2005 we reported that Financial Executives International had published a list of the top 10 financial reporting challenges for 2005. To assist financial executives and audit committees in addressing those issues, Deloitte & Touche LLP (USA) has prepared a summary, with active hyperlinks, of (PDF 288k).

Note that while the list of challenges is written primarily in a US financial reporting context, nearly all of the challenges relate to IASB projects as well:

FEI's Top 10 Financial Reporting Challenges for 2005

  • 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).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.