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.

Audit

FASB Offers More Clarity on Credit Loss Proposal

The Financial Accounting Standards Board has released a staff document that provides answers to questions about FASBs recently issued proposal on expected credit losses.

March 25
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Code of Ethics Beefed up for Accountants to Address Conflicts of Interest

The International Ethics Standards Board for Accountants has released stronger provisions in its Code of Ethics for Professional Accountants to address conflicts of interest and a breach of a requirement of the code.

March 21
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Credit Unions Worried about FASB Credit Loss Proposal

A trade group representing credit unions is asking the Financial Accounting Standards Board to delay its proposals for changes in the accounting for credit losses and loan impairments.

March 19
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U.S. FASB Accepted into New International Accounting Forum

The trustees of the IFRS Foundation have included the U.S. Financial Accounting Standards Board among the national and regional standard-setters in the new Accounting Standards Advisory Forum, the new group that will advise the International Accounting Standards Board on development of International Financial Reporting Standards.

March 19
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Fitch Predicts FASB Loan Impairment Proposal Would Hit Bank Reserves

Fitch Ratings is warning that approval of a Financial Accounting Standards Board proposal on the treatment of credit losses for loans and other financial assets could eventually force U.S. banks to book expected losses early, putting pressure on their reserve levels and reported earnings.

March 13
Financial reporting

Revised Standards Call for Practical Experience as Prerequisite to Accountants Professional Development

The International Accounting Education Standards Board has issued a set of revised standards for the initial professional development of accountants emphasizing that practical experience plays a key role in developing the competence of fledgling accountants.

March 13
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G-20 and Europe Call for Better Public Sector Accounting

The Group of 20 finance ministers, along with the European Commission, are calling for improved accounting standards in the public sector.

March 8

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.