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 .”)

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Tax reform complicates year-end tax planning

Get your clients ready for tax season with these year-end tax planning strategies, which address how to make the most of recent tax law changes, such as the new deduction for qualified business income and the cap on the deductibility of state and local taxes.

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What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.