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 Commemorates FASB@40

The Financial Accounting Foundation and the Financial Accounting Standards Board have launched a new section on the FAF Web site that features audio, transcripts and photos from the Septembers FASB@40 Conference hosted in New York to commemorate the FASBs 40th anniversary.

November 19
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IASB Adjusts to Changing Relationship with FASB

The chairmen of the Financial Accounting Standards Board and the International Accounting Standard Board appeared alongside each other Monday to discuss the status of their efforts to converge accounting standards over the past decade or more and their plans for the future as the convergence effort appears to be running out of steam.

November 18
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Private Company Council Finalizes Variable Interest Entity Alternative Standard

The Private Company Council has voted to finalize an alternative standard for private companies to use when applying variable interest entity guidance to common control leasing arrangements.

November 14
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IFRS Honcho Castigates Countries for Taking “A La Carte” Approach to Accounting Standards

Michel Prada, chairman of the IFRS Foundation Board of Trustees, which oversees the International Accounting Standards Board, took countries like the U.S. and Japan to task for taking what he called an à la carte approach to accounting standards by not fully embracing International Financial Reporting Standards.

November 13
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Public Company Audits Are Still Critical

Recent calls to get rid of public company audits are way off-base

November 8
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FASB Votes to Move Ahead on Revenue Recognition Standard

The Financial Accounting Standards Board voted Wednesday to move forward with preparing a final standard on revenue recognition that is expected to be issued during the first quarter of 2014.

November 6
AT Think The Spirit of Accounting

FASB's proposed lease accounting rules really do try to get more useful information about assets and liabilities into financial statements. However, we don't think it's strong enough, because it doesn't cleanly address the No. 1 priority issue that asks whether off-balance-sheet financing has any legitimacy in financial reporting.

November 1

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.