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

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
Audit

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
Audit

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
Financial reporting

Assurance News

Highlights in auditing and assurance from the last month

July 1
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Get Your Clients Ready for IFRS

Other companies' and countries' experiences offer useful lessons in preparing your clients for adopting IFRS

July 1
Regulatory actions and programs

An End to the Private Company Standards Debate?

the trustees of the Financial Accounting Foundation's board of trustees voted in late May to establish a new Private Company Council that will determine whether exceptions or modifications to U.S. GAAP for privately held companies are necessary -- and gathered crucial support from various professional bodies, most notably the American Institute of CPAs.

July 1

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.