Microsoft's Laux: Multiple Challenges Face Accounting Profession(1)

In a wide-ranging interview with Bloomberg BNA, Robert Laux, senior director of financial accounting and reporting at Microsoft Corp., laid out the major issues in accounting rulemaking—with a particular focus on their potential impacts on multi-national companies. The main topics included the SEC decision on U.S. domestic use of IFRS, and top projects of the standard-setters, including revenue recognition, financial instruments, lease accounting, and intangible assets. Steve Burkholder, a Bloomberg BNA staff correspondent, conducted the interview—an edited version of which follows.