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.

Financial reporting

Changes Proposed to Auditor's Report

The Public Company Accounting Oversight Board proposed for public comment a new auditing standard and related amendments to enhance the auditor's reporting model in mid-August.

September 1
Audit

FASB and PCC Propose Exempting Private Companies from Variable Interest Entity Requirements

The Financial Accounting Standards Board has issued a proposal that would exempt many private companies from applying the stringent consolidation guidance under U.S. GAAP to leasing companies under common control.

August 22
Audit

GASBs Scope of Authority May Be Changing

The board of trustees of the Financial Accounting Foundation, which oversees the Governmental Accounting Standards Board, issued a proposal Tuesday to change GASBs scope of authority by altering the definition of financial accounting and reporting information, and released the results of its latest post-implementation review of GASB standards.

August 20
Audit

Credit Unions See Opportunity in FASB Proposal

The trade association representing credit unions believes that the Financial Accounting Standards Boards recent proposal to redefine the meaning of a public business entity could open the door to more appropriate accounting standards for credit unions.

August 9
Audit

FASB Proposes to Define Public Business Entities

The Financial Accounting Standards Board issued for public comment Wednesday a proposal that would define a public business entity.

August 7
Audit

New FASB Chairman Makes Plans for Future Accounting Standards

Russell Golden, the newly appointed chairman of the Financial Accounting Standards Board, will be overseeing a board that will be dealing with a new uncertain environment in which it will be only one of a number of standard-setters from around the world working together in a more multilateral way to decide on future standards for the profession to follow.

July 29
Audit

FASB and IASB to Form Revenue Recognition Transition Group

The Financial Accounting Standards Board and the International Accounting Standards Board said Friday they plan to create a joint group to help companies and their accountants make the transition to the upcoming final converged standard on revenue recognition.

July 26

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.