Accounting

Accounting News & Professional Insight

Accounting Today delivers news, rankings, thought leadership, and analysis for accounting professionals so they can navigate change in standards, firm strategy, technology adoption, talent, and the overall business environment.

Accounting professionals are facing rapid transformation, including shifting professional standards, demographic change, technology disruption, practice consolidation, and changing expectations for advisory services. Our coverage surfaces these strategic dynamics and provides insights and analysis for firms, leaders, and the accounting profession.

FASB

SEC and FASB post 2021 financial reporting taxonomy

The Financial Accounting Standards Board said Tuesday the Securities and Exchange Commission has accepted the latest updates to the GAAP Taxonomy for filing financial statements with the SEC.

By Michael Cohn
Editor-in-chief, AccountingToday.com

March 23
Accounting fraud

Wirecard ‘criminals’ duped us, says EY auditor

An Ernst & Young partner said his firm fell victim to “criminals,” rejecting allegations EY didn’t do enough to uncover wrongdoing at the now-defunct payment processor.

By Karin Matussek
Reporter

March 23
International accounting

Steinhoff insurers agree to pay $93M for legal claims

Most of the insurers that provided the company with director-liability policies have agreed to pay as much as $93 million toward settlements resulting from a 2017 accounting crisis.

By Janice Kew
Reporter

March 23
Diversity and equality

The Black CPA Centennial: Meet the first Black CPA

The son of a former slave, John W. Cromwell Jr. broke through a major barrier in the accounting profession in 1921.

By Anita Dennis
Freelance writer

March 22
AT Think Which is more difficult: The CPA Exam or the Bar?

Having taken both, Christine Kuglin breaks down the differences between the hurdles to the two professions.

March 19

Christine Kuglin

University of Colorado Boulder
Audit

Bonuses are targeted in U.K. crackdown on audit scandals

Top executives at companies hit by accounting scandals could lose their bonuses under U.K. proposals for beefed-up regulation after a wave of corporate collapses including Carillion Plc and travel firm Thomas Cook Group Plc.

By Hugo Miller, Michael Kapoor and Ellen Milligan

March 18
AT Think Could you pass the CPA Exam if you took it in another language?

How many of us U.S.-born CPAs could move to another country and communicate well enough to advance in a CPA-related job where that country’s main language is not English?

March 17

Beth A. Berk

Resources

The latest Accounting Today research and discussion:

Predicting the next 15 years in accounting

Take a look at what the accountant and the accounting firm of the future will look like with AICPA chief Mark Koziel.

Sponsored by BILL
The changing world of government financial reporting

The serious new pressures facing governments of all sizes are changing their financial reporting, says GASB Chair Joel Black.

Sponsored by Intuit Quickbooks
Special Report Technology and CAS

Handling the compliance work that is the foundation of modern CAS while also creating time and insights for the advisory overlay that really drives its value to clients requires the careful deployment of a suite of technology tools — and that suite is constantly evolving, meaning accountants need a strategy to keep up.

Sponsored by Canopy

Accounting: Key Questions & Analysis

What are the key trends and strategies emerging from accounting industry leaders?

Top leaders are focused on structural challenges facing firms, including succession planning, evolving service mix, and long-term sustainability of traditional models.

How are accounting firms positioning themselves for the profession’s next phase?

Firm leaders are redefining and evaluating their strategy for growth. This includes investing in people and systems as well as rethinking how firms deliver value to address changing client needs and competition.

What role does professional identity play as accounting continues to change?

Debate continues over how accounting defines itself. This is due to accounting expanding into advisory, consulting, and technology-enabled services. These changes can raise questions about standards, training, and long-term credibility.

How are accounting firms managing leadership and succession risk?

Demographic shifts are accelerating in accounting. This means more firms are confronting leadership transitions and ownership succession which can create critical strategic risks that influence growth, culture, and valuation.