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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SEC Adopts 2013 U.S. GAAP Taxonomy

The Securities and Exchange Commission has adopted that latest update to the U.S. GAAP Financial Reporting Taxonomy for filing financial statements using Extensible Business Reporting Language, or XBRL.

May 21
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FASB Suggests Changes to GAAP Taxonomy

The Financial Accounting Standards Board is looking for comment on proposed structural changes to the U.S. GAAP Taxonomy.

May 16
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FASB, IASB Propose Major Changes to Lease Accounting

The Financial Accounting Standards Board and the International Accounting Standards Board have released for comment a revised exposure draft proposing significant changes to the standards for accounting for leases.

May 16
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Banks Urge FASB and IASB to Agree on Credit Loss Standards

Fifteen of the largest banks in the U.S. have written a letter to the chairmen of the Financial Accounting Standards Board and the International Accounting Standards Board encouraging them to resolve their differences over the standards for credit losses in their financial instruments convergence project.

May 14
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COSO Releases Updated Internal Control Framework

The Committee of Sponsoring Organizations of the Treadway Commission issued its updated Internal ControlIntegrated Framework (Framework) and related illustrative documents on Tuesday.

May 14
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Advisory Group Looks for Input on Future Accounting Standards Agenda

The Financial Accounting Standards Advisory Council, which advises the Financial Accounting Standards Board on its priorities and agenda, is asking for suggestions on what FASBs future agenda should be.

May 10
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IASB Revamps Relationship with Japanese Standard-Setter

Representatives of the International Accounting Standards Board and the Accounting Standards Board of Japan met Thursday and Friday in Tokyo to discuss their new relationship through the recently established Accounting Standards Advisory Forum as their one-to-one meetings come to an end.

May 10

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.