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 Proposes to Clarify Fair Value for Private Companies

The Financial Accounting Standards Board has issued a proposed clarification to a fair value disclosure exemption affecting private companies and nonpublic not-for-profit organizations.

January 7
AT Think The Spirit of Accounting: Taking the Lie Out of Lie-FO

We have come to realize that it's long past time to question using LIFO to allocate costs first to the cost of goods sold and then inventory.

January 1
Regulatory actions and programs

FASB, IASB Chairs Air Differences

Financial Accounting Standards Board chairman Leslie Seidman and International Accounting Standards Board chairman Hans Hoogervorst appeared side by side at an American Institute of CPAs conference in early December to discuss what went awry in U.S. support for International Financial Reporting Standards.

January 1
Financial reporting

PCAOB Finds Problems with Audits of Internal Controls

The Public Company Accounting Oversight Board released a report in early December in which it identified widespread problems at eight major firms with their audits of internal control over financial reporting.

January 1
Accounting standards

PCC Holds First Meeting

The Private Company Council held its inaugural meeting in early December to discuss how accounting standards should be adjusted for privately held companies.

January 1
Accounting standards

Sarbanes-Oxley Fails on Auditor Independence

Ten years on, SOX doesn't appear to be working

January 1
Audit

FASB Parent Supports New Accounting Standards Forum

The Financial Accounting Foundation, which oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board, is coming out in support of a proposal to create a new Accounting Standards Advisory Forum of international standard setters, but is balking at a requirement that participants need to make a commitment to International Financial Reporting Standards.

December 28

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.