10 January 2006: FEI top 10 financial reporting issues for 2006

Financial Executives International has compiled a list of the Top 10 Financial Reporting Challenges for 2006. While the list is written primarily in a US reporting context, nearly all of the challenges on the list relate to the IASB as well, and the FEI commentary expressly refers to the IASB in its descriptions of several of them:

Stock Options – SFAS 123 and IFRS 2. Uncertain Tax Positions – FASB has proposed that a tax position recognised on the tax return must be probable of being sustained under audit prior to recognition in the financial statements, and the company must assume that it will be reviewed by the taxing authorities. IASB-FASB Income Tax Convergence Project. Business Combinations – joint IASB-FASB Project. Fair Value Measurements (FVM) – In January 2006, the FASB will discuss certain issues raised by external reviewers on the working draft of the final FVM Statement and the timing of the final FVM Statement. IASB is expected to Invite Comment on FASB's final standard. Materiality – Expected SEC Staff Accounting Bulletin that would provide guidance to companies on quantifying misstatements and assessing materiality from both a balance sheet and income statement perspective. XBRL – an IFRS Taxonomy has been developed. Earnings Per Share – FASB international convergence project. Conceptual Framework – joint IASB-FASB Project. Complexity – "concern and growing frustration over the complexity in current standard-setting". Pension Accounting – FASB project in response to the SEC's Off Balance Sheet study.