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FEI 'Top 10 Financial Reporting Challenges for 2007'

02 Jan 2007

Colleen Cunningham, the CEO and President of Financial Executives International, has compiled the following list of the Top 10 Financial Reporting Challenges for 2007.

A number of the challengesare being addressed in joint IASB-FASB projects:
  1. Internal Controls. Implementation of requirements of the Section 404 of Sarbanes-Oxley Act concerning reports on internal controls.
  2. Uncertain Tax Positions. Problems in implementing FIN 48 Accounting for Uncertainty in Income Taxes - an Interpretation of FASB Statement No. 109. This issue is being addressed in the joint IASB-FASB Convergence Project on Income Taxes.
  3. XBRL. "Expect more momentum in 2007 as more companies voluntarily adopt and the SEC continues to prioritise XBRL."
  4. Fair Value. FAS 157 Fair Value Measurement takes effect in 2007. IASB has issued a Wrap-around Discussion Paper.
  5. Servicing Assets and Liabilities. Implementation of FAS 156 Accounting for Servicing of Financial Assets - an Amendment of FAS 140.
  6. Complexity in Financial Reporting. "The level of restatements (over 10 percent of [SEC] registrants) implies a level of complexity in the existing reporting model that requires subject matter experts on staff for every accounting area."
  7. Derivatives. Particularly, master netting arrangements.
  8. Pensions. FASB has issued FAS 158, Employers' Accounting for Defined Benefit Pension and other Postretirement Plans. IASB has begun a Project.
  9. Earnings per Share. The IASB and FASB will each issue exposure drafts on the EPS Convergence Project.
  10. Business Combinations. IASB and FASB Joint Project on Business Combinations Phase 2.

Access to IAS Plus continues to be slow

01 Jan 2007

Users of IAS Plus from outside the Hong Kong area are likely to find access slow for at least two more weeks, because repairs to the undersea fibre-optic cables damaged by Earthquakes on 26 December 2006 are not proceeding as quickly as expected.

One of the two repair ships has suffered a 'major fault' and has been sent to a port for urgent repairs. Repairs to one of the six damaged cables are now expected to be completed around 16 January 2007. Repairs to the others will be completed progressively by the end of January 2007. Click for HK Government Press Release (PDF 24k). Update 2 January 2007: Click for HK Government Update (PDF 24k).

Another record year for IAS Plus

01 Jan 2007

In 2006 we had 1,347,000 visitors. Thank you for making us, once again, the #1 source on the Internet for information about international financial reporting.

We wish you a very happy new year. Here are a few more statistics about IAS Plus in 2006:
  • Total page views: 5,102,000
  • Top 10 most visited pages: Home Page, Standards List, Publications, Search, IAS 39, Interpretations, Model Financial Statements, IAS 1, Compare National GAAP and IFRS, and Countries/Jurisdictions.
  • Total website file size: 541mb
  • Total number of files: 3,733 files, including 609 HTML web pages and 2,413 downloadable PDF files.

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