The challenges posed by financial reporting requirements were keenly felt during 2004 and the year ahead looks to be no different. Financial Executives International (FEI), the US body that represents some 15,000 CFOs, treasurers and controllers, has issued the following top 10 financial reporting challenges for 2005.
1. Stock Options. Currently, the Financial Accounting Standards Board (FASB) has mandated that all stock compensation be expensed after June 30, 2005.
2. Internal Controls. Sarbanes-Oxley Section 404 reporting on internal controls was effective for fiscal year-ends after Nov.
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