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.

Coronavirus

IRS Tax Forums to go virtual this year

The live-streamed webinars will start in July.

By Jeff Stimpson
Freelance writer

May 22
State tax revenues

All the loopholes U.S. states have to ‘balance’ their budgets

As state finances across America are upended by the coronavirus, almost all of them face the same, self-imposed, problem: how to balance their budgets.

By Brandon Kochkodin

May 22
Accounting students

ICMA releases first 2020 CMA exam results

The Institute of Certified Management Accountants also announced a change in the testing window schedule for 2020, due to COVID-19.

By Sean McCabe
Senior Editor

May 21
Finance, investment and tax-related legislation

Senate approves bill to require Chinese cos. to give PCAOB access to audits

The Senate overwhelmingly approved legislation Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd. and Baidu Inc. being barred from listing on U.S. stock exchanges amid increasingly tense relations between the world’s two largest economies.

By Ben Bain
Reporter

May 21
Revenue recognition

FASB delays rev rec and leases standards in response to coronavirus

The board voted Wednesday to give private companies and not-for-profit organizations an extra year to comply with the revenue recognition and leases standards.

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

May 20
International accounting

Virus accounting maneuvers criticized by European authorities

Europe’s top markets watchdog is warning companies against getting creative with financial statements that obscure the effect of the coronavirus pandemic on their bottom line.

By Silla Brush

May 20
PwC

PwC sued by Matalan founder over Monaco move tax advice

The founder of U.K. discount retailer Matalan Plc is suing PricewaterhouseCoopers over claims he lost as much as 135 million pounds ($165 million) by relying on advice the accounting firm gave him when he moved to Monaco 20 years ago.

By Bloomberg News

May 20

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.