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.

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FASB Releases Standard for Classifying Deferred Taxes

The Financial Accounting Standards Board has issued an accounting standards update to improve how deferred taxes are classified on the balance sheet.

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

November 20
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GASB Standards for Nonexchange Transactions Worked

Accounting and financial reporting standards for state and local governments that address nonexchange transactions achieved their purpose, according to a new report.

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

November 18
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Private Company Council to be Revamped Following Review

The Financial Accounting Foundation's board of trustees has decided to overhaul some of the procedures for the Private Company Council, which provides input to the Financial Accounting Standards Board on issues relating to privately held companies.

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

November 18
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SEC May Allow Supplemental Use of IFRS by U.S. Companies

Securities and Exchange Commission chief accountant James Schnurr indicated Tuesday that he plans to recommend to SEC chair Mary Jo White that U.S. companies be allowed to use International Financial Reporting Standards to provide supplemental information, in addition to filing their financials in accordance with U.S. GAAP.

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

November 17
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SEC Chief Accountant: Auditors Need to Keep Improving

Public company audits are improving, according to Securities and Exchange Commission Chief Accountant James Schnurr -- and they need to keep on doing so.

By Daniel Hood
Editor-in-chief

November 16
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FASB Getting Closer to Finalizing Major Standards

Financial Accounting Standards Board chairman Russell Golden and technical director Susan Cosper discussed FASBs upcoming leasing, classification, impairment and hedge accounting standards during a conference in New York, along with the boards plans for future standards.

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

November 16
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FASB Proposes More Disclosure of Government Assistance to Businesses

The Financial Accounting Standards Board has issued a proposed accounting standards update to increase transparency about government assistance to businesses.

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

November 12

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.