Friday, December 29, 2006

FEI CEO Cites Top 10 Challenges of 2007 (Final 2006 Post)

Colleen Cunningham, CEO of Financial Executives International, announced her top ten challenges in financial reporting for 2007 recently. Her list includes Internal Controls (surprise, surprise; she is hoping for better SEC guidance), Uncertain Tax Positions (expecting significant impact from FASB Interpretation 48), XBRL (she expects more adoptions), Fair Value (FASB Statement 157 and implementing unobservable inputs with the market participants approach), Servicing Assets and Liabilities (based on new FASB Statement 156), Complexity in Financial Reporting (restatements may be in part a result of complexity and FASB Chairman Herz has some sympathy on this issue), Derivatives (like internal controls and complexity, an almost-timeless issue), Pensions (the implementation of FASB Statement 158), Earnings per Share (FASB and IASB are not on the same page here), and Business Combinations (IASB and FASB appear to be working toward a draft with a fair value orientation).

The list provided by Ms. Cunningham appears reasonable and will provide plenty of headaches for auditors and accountants during the year to come.


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