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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IASB to Develop IFRS Guidance for Very Small Businesses

The International Accounting Standards Board said Thursday that its staff will develop guidance to help micro-sized entities apply International Financial Reporting Standards for Small and Medium-sized Entities.

July 26
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Insurers Divided on Move to IFRS

Less than half of senior insurance executives from companies around the world believe the U.S. should abandon U.S. GAAP standards in favor of International Financial Reporting Standards, according to a new survey.

July 20
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FASB Splits with IASB on Impairment Standards

The Financial Accounting Standards Board said it is taking a different approach than the International Accounting Standards Board in the impairment of financial instruments after a joint meeting Wednesday.

July 18
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IASB Urges SEC to Come on Board with IFRS

The International Accounting Standards Board responded with dismay to the Securities and Exchange Commission staff report on International Financial Reporting Standards.

July 16
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FASB Asks for Feedback on Disclosure Framework

The Financial Accounting Standards Board is inviting comments on its proposed Disclosure Framework, requesting input on ways to improve the effectiveness of disclosures in notes to financial statements.

July 12
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Japanese Regulator Orders Olympus Auditors to Improve

After looking into the role of the auditors in the recent accounting scandals at camera-maker Olympus Corp., Japan's Financial Services Agency ordered KPMG Azsa LLC and Ernst & Young ShinNihon LLC to improve their systems -- though it noted that it had not found "any intentional acts or grave negligence."

July 6
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IPSASB Consults on Future Projects

The International Public Sector Accounting Standards Board has released for comment a consultation paper on its future work program for the next two years.

July 5

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.