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

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.