2010 OUTLOOK — ACCOUNTING: Convergence, Consolidations Top List of Priorities as Deadline Looms

Accounting professionals enter 2010 with serious doubts about both the ability and the wisdom of achieving the goal set by the Financial Accounting Standards Board and the International Accounting Standards Board of substantially revising and converging accounting standards in such key areas as financial instruments, revenue recognition, and leasing by their self-imposed June 30, 2011, deadline.

The doubts emerged in BNA interviews with several leading accounting practitioners, as well as former rulemakers and an ex-regulator, over what they thought were the key issues and challenges facing the financial reporting profession for 2010.