Financial Executives International has written a report listing the top challenges it sees for financial executives next year.

Among them are economic recovery and the U.S. economic outlook. “Though most economists believe the economy is headed in the right direction and indicators are hopeful, unemployment levels remain extremely high and cash is still hard to come by,” wrote FEI president and CEO Marie Hollein. “Serious mid- and long-term fiscal issues are apparent as the debt level hovers around the $12 trillion mark.”

Other challenges include health care reform, employee benefits and financial regulatory reform. FEI also sees challenges arising from the global convergence of U.S. GAAP and International Financial Reporting Standards, as well as standards for financial instruments, financial statement presentation and revenue recognition.

Business taxation will also present a challenge in 2010, according to the FEI report. President Obama’s fiscal 2010 budget submission called for reform of the U.S. tax rules relating to foreign source business income and for repeal of the last-in, first-out accounting method, she noted.

“Congress may pursue these and other anti-business proposals this year so the business community should be alert,” she wrote.

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