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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FASB, IASB Revise Revenue Recognition Proposal

The Financial Accounting Standards Board and the International Accounting Standards Board published revised proposals Monday for revenue recognition as part of their continuing efforts at convergence.

November 14
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IFAC Updates Audit Guide for Small and Midsized Entities

The International Federation of Accountants’ Small and Medium Practices Committee has released the third edition of its Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities.

November 11
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FASB Adds Nonprofit Projects to Agenda

The Financial Accounting Standards Board has added two new projects to its agenda aimed at improving financial reporting by not-for-profit organizations.

November 9
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FASB Rethinks Changes in Presenting Other Comprehensive Income

The Financial Accounting Standards Board is proposing to defer some of the changes it required earlier this year in the presentation of other comprehensive income on financial statements after hearing objections from various quarters.

November 8
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AICPA Issues Goodwill Impairment Testing Guidance

The American Institute of CPAs’ Financial Reporting Executive Committee has published a working draft of a new AICPA Accounting and Valuation Guide, “Testing Goodwill for Impairment.”

November 4
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FASB Proposes Changes in Consolidation Reporting

The Financial Accounting Standards Board has proposed a set of improvements in financial reporting on consolidations that would affect all companies required to evaluate whether they should consolidate another entity.

November 4
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FAF Plans Private Company Roundtables

The Financial Accounting Foundation plans to host a series of three public roundtables early next year and a live webcast later this month to give constituents an opportunity to provide their feedback on its recent proposal to create a Private Company Standards Improvement Council.

November 3

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.