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.

AT Think Will the Brexit Break E.U. Audit Firm Rotation?

The European Unions new rules for mandatory audit firm rotation took effect on June 17, only a week before the United Kingdom voted to Brexit from the E.U. How will that affect audit firm rotation in the U.K. and Europe?

June 24

Michael Cohn
Audit

FASB Proposes Changes in Consolidation Guidance

The Financial Accounting Standards Board has issued a proposed accounting standards update to amend the consolidation guidance for variable interest entities.

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

June 24
AT Think FASB Credit Loss Standard Will Prompt Changes at More than Banks

The long awaited credit loss standard that the Financial Accounting Standards Board released last week is expected to have a wide-ranging impact beyond only banks and financial services firms.

June 20

Michael Cohn
Audit

Space Accounting Matters

Whenever I meet a new accountant, I always ask them, Does your firm have a department specializing in Space Accounting? It is surprising to me when they respond with expressions of confusion and bewilderment.

June 16
Audit

Companies Struggle to Cope with FASB Leasing Standard

Financial executives are anticipating trouble adjusting to the lease accounting standard that the Financial Accounting Standards Board released in February, as FASB also rolls out its new credit loss standard Thursday.

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

June 16
Audit

FASB Releases New Financial Instruments Standard on Accounting for Credit Losses

The Financial Accounting Standards Board issued Thursday its long awaited accounting standards update for credit losses, part of the convergence project on financial instruments that it has been working on with the International Accounting Standards Board for eight years.

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

June 16
Audit

Companies Still Behind on Implementing Revenue Recognition Standard

The majority of companies admit they are behind on implementing the new revenue recognition standard from the Financial Accounting Standards Board, according to a new survey, despite a delay of the effective date by one year.

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

June 14

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.