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.

Audit

Grant Thornton pays $1.5M to settle audit violations with PCAOB

The Public Company Accounting Oversight Board said Wednesday it has imposed a $1.5 million civil penalty against Grant Thornton LLP and censure the firm for violations of quality control standards and for audit failures.

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

December 20
Tax reform

AICPA disappointed by tax reform bill’s exclusion of CPAs

American Institute of CPAs president and CEO Barry Melancon issued a statement Wednesday following passage by Congress of the Tax Cuts and Jobs Act expressing disappointment that the bill doesn’t give CPA firms the same favorable tax treatment provided to other pass-through entities.

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

December 20
Payroll software

Paychex launches AccountantHQ

The payroll provider’s new tool includes a single dashboard for accountants to manage multiple clients.

By Daniel Hood
Editor-in-chief

December 20
Accounting standards

GASB offers implementation guide on standards for retiree health care and other post-employment benefits

The Governmental Accounting Standards Board has released a new Implementation Guide with questions and answers about GASB’s new standards on accounting and financial reporting for postemployment benefits other than pensions, such as retiree health care.

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

December 19
Accounting fraud

Steinhoff appoints insiders to top jobs to steer through crisis

Steinhoff International Holdings NV assembled a crisis team of insiders to try to rescue the global retailer amid a crunch meeting with bankers that may determine the company’s future.

December 19
Accounting fraud

It took five decades to build Steinhoff. It cratered in two days from accounting scandal

It looked like Steinhoff International Holdings NV had reached escape velocity from South Africa’s deepening economic gloom: A furniture retailer emulating Ikea’s model and global ambitions, built by men with their own compelling rags-to-riches stories.

December 18
Technology

Accountants can be the world’s expert navigators

Sage EVP Jennifer Warawa says technology has turned everyone into explorers – but they all need help navigating the future.

By Daniel Hood
Editor-in-chief

December 18

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.