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

Atkinson: PCC Marks Cultural Change in Standard-Setting

Private company stakeholders have never been in a better position to have their concerns addressed in the standard-setting process, according to Billy Atkinson, the chair of the new Private Company Council: We have the wind in our sails.

January 10
Audit

GASB Approves Standard for Government Combinations and Transfers of Operations

The Governmental Accounting Standards Board has approved a new standard intended to improve accounting and financial reporting for state and local governments combinations and disposals of government operations.

January 8
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

Resources

The latest Accounting Today research and discussion:

Accounting firm services

Practice management

Consulting
Trusted Advisor 2.0

By Daniel Hood

September 28
Beyond the Buzz: Moving from AI Hype to Meaningful Impact

Weaving AI into client records, workflows, documents, and billing allows accounting firms increase to by offering client accounting services. Learn why an integrated platform outperforms standalone accounting solutions.

Partner Insights from Canopy
Beyond Research: Unlocking Hidden Value from AI

Generative AI adoption among accounting firms doubled in just one year. But many firms are barely scratching the surface, using AI primarily for tax research rather than to reimagine workflows

Partner Insights from Thomson Reuters

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.