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

Canada Accounting Board Delays Fair Value Decision

Canada’s Accounting Standards Board said that it has not yet made a decision on whether to change its fair value standards to match up with U.S. standards.

April 7
Financial reporting

IFAC Backs G-20 Financial Reforms

The International Federation of Accountants has endorsed a set of proposals made at last week’s G-20 Summit of world leaders that aim to reform the global financial regulatory system.

April 7
Financial reporting

International Accounting Monitors Choose Leader

The Monitoring Board that was recently established to add more public accountability to the International Accounting Standards Board has held its inaugural meeting and picked its first leader.

April 5
Tax practice

FASB Explains Fair Value Changes

The Financial Accounting Standards Board has issued a “plain English” summary of the board’s actions when it modified the standards for fair value and mark-to-market accounting in response to congressional demands.

April 5
Tax practice

SEC Says Arizona CPA Ran $67M Ponzi Scheme

The Securities and Exchange Commission has revoked the license of an Arizona CPA and filed charges accusing him of running a $67 million Ponzi scheme.

April 5
Regulatory actions and programs

IRS nixes private collection

Washington, D.C.-The Internal Revenue Service has decided not to renew its contracts with two private debt collection agencies.The IRS said that the decision came after an extensive review of the controversial program. A provision to end the private debt collection program was inserted into the omnibus spending bill that is currently before the Senate.

April 5
Regulatory actions and programs

Commentary: Build a better financial statement

Are you able to get what you need from reviewing financial statements? Do you think there are ways to enhance the usefulness of the presentation of the information?If you have ever experienced frustration in your attempts to glean information from financial statements, take note. The Financial Accounting Standards Board and the International Accounting Standards Board have joined together in a proposal to improve the look and feel of financial statements.

April 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.