Financial Management and Accounting

Graduate School of Management and Technology

Announcements/News

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FEI’s 2008 Top Challenges for Financial Executives

The February 2008 issue of Financial Executive listed the following as the most pressing challenges for CFOs in 2008:

• Fair/Value Measurement – Application for FASB 157 was delayed due to issues remaining around valuing assets and liabilities with no active markets.
• Global Convergence of GAAP and IFRS – CFO’s question if convergence isn’t already impacting Small and Medium Sized Entities (SMEs).
• Complexity in Financial Reporting – The SEC Advisory Committee on Improvements to Financial Reporting (CIFR) is due to release its report later in 2008.
• XBRL – The SEC continues to pressure for adoption.
• Business Combinations – FASB & IASB released a new standard on business combinations, effective for fiscal years ending, Dec 15, 2008.  It includes reporting of contingent assets and liabilities at fair value, with future adjustments going to earnings.
• Internal Controls - COSO report on Monitoring Internal Controls expected out by June 30.
• Healthcare – There will be pressure for companies to manage their costs better.
• Corporate Taxation – There is speculation that tax deferrals for multinationals will be eliminated, as will LIFO accounting for taxes. 
• Rating Agency Regulation – SEC ramp-up of credit rating agencies may continue a tightening on credit.
• IRS Policy of Restraint/Privilege – FIN 48 may motivate the IRS to more frequently ask for tax accrual workpapers than in previous years. 

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Salaries in Accounting and Financial Management

The National Association of Colleges and Employers (NACE) reported in its Job Outlook 2007 Spring Update survey that employers are planning to hire 19 percent more graduates in 2007.  The average salary offers for new accounting and financial management graduates are $47,421 and $47,877, respectively. 

Salary prospects for senior-level working accountants and financial managers holding the CPA credential, also continue to be healthy and on the rise.  Respondents to Smart-Pros’ recent 2007 survey reported an average salary of $91,608, which was a 9 percent increase over last year. 

The details of both of these surveys are available at the following websites:

NACEWeb Accounting Salary Survey

NACEWeb Finance Salary Survey

Salary Survey Results: The CPA Difference

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