Financial Reporting


Financial Executives International CEO and President Colleen Cunningham identified the following topics ( www.fei.org/fei_ceo_top10.cfm ) as 2005’s top 10 financial reporting challenges: accounting for stock options, internal controls reporting, revenue recognition, uncertain tax positions in financial statements, repatriation of foreign earnings, accounting for business combinations, accounting for inventory costs, disclosure of off-balance-sheet arrangements, adoption of the extensible business reporting language and SEC guidance on management discussion and analysis.

The SEC established a voluntary program under which registrants may submit certain mandatory filings to the commission ( www.sec.gov/spotlight/xbrl.htm ) in extensible business reporting language (XBRL) format. The program, which begins with the 2004 calendar yearend reporting season, will assess registrants’ ability to properly tag their data in XBRL and the benefits of using tagged data for analysis. (For more on XBRL, see “ XBRL: A Multitalented Tool .”)

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.