Financial Executives International has released a list of the top challenges in 2012.
They include controlling the U.S. deficit, tax reform, health care uncertainty, Dodd-Frank Act implementation and revision, employer-provided retirement plans, XBRL, convergence of U.S. GAAP and IFRS, and private company accounting.
“This year’s list of top challenges for financial executives has many elements similar to last year’s, as there was much gridlock in our nation’s capital and decisions that we expected from accounting standard-setters are taking longer than expected,” said FEI president and CEO Marie Hollein. “It’s clear that the senior-level financial executive’s role is a key one in helping organizations meet their 2012 challenges.”
The report noted that regulatory agencies operating under strained budgets missed numerous rulemaking deadlines in 2011 to carry out the various provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. There is also continuing uncertainty over the health care reform law, with many provisions not scheduled to be implemented until 2014 and legal challenges working their way through the courts.
Tax reform has also preoccupied Congress, with committees in both chambers holding numerous hearings. But a major restructuring of the Tax Code appears to be unlikely prior to the November election.
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