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

Bernanke Foresees Accounting Rule Modifications

Federal Reserve Chairman Ben Bernanke said that accounting standards need to be modified to deal better with valuing illiquid assets.

March 9
Regulatory actions and programs

Early Adoption of IFRS Appears Unlikely

Many financial executives in the U.S. have begun the initial stages of convergence with International Financial Reporting Standards at their companies, but early adoption in 2009 for qualifying companies will be difficult, if not impossible, due to the significant time requirements, according to a new report.

March 8
Audit

Quality Control Tips for Small, Midsized Audit Firms

To help small and midsized accounting firms cope better with implementing international auditing standards, the International Federation of Accountants has published a “Guide to Quality Control for Use by Small- and Medium-sized Practices.”

March 8
Financial reporting

ACCA Challenges Global Leaders to Endorse IFRS

The Association of Chartered Certified Accountants wants world leaders who attend the G20 summit next month to endorse International Financial Reporting Standards, and to leave fair value accounting alone.

March 8
Tax practice

Congress Proposes New Accounting Overseer

Two members of the House Financial Services Committee have introduced a bill that would establish a new Federal Accounting Oversight Board and probably loosen mark-to-market accounting standards.

March 6
Audit

Tax Reserve Disclosures Fall Short

One third of public companies did not satisfy the minimum requirements of disclosure of their tax reserves last year as required by new rules put in place by the Financial Accounting Standards Board.

March 5
Audit

PCAOB Tries Again on Audit Quality Review

The Public Company Accounting Oversight Board has re-proposed for comment a standard for auditing firms to use for reviewing their audit reports internally by a second or concurring partner before they are issued.

March 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.