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.

Accounting standards

SEC Picks Acting Chief Accountant

The Securities and Exchange Commission has appointed James L. Kroeker as acting chief accountant, replacing Conrad Hewitt, who retired Monday.

January 7
Financial reporting

SEC Testifies on Madoff Investigation

SEC Inspector General H. David Kotz told a congressional panel that the Securities and Exchange Commission is ramping up its investigation of Bernard Madoff and his $50 billion Ponzi scheme.

January 6
Regulatory actions and programs

Board approves PCAOB budget

Fear that the U.S. economic meltdown will encourage corporations to cut accounting corners has helped spur the Public Company Accounting Oversight Board to approve a 9 percent budget increase for itself during 2009, to $157.6 million."Current market conditions suggest that our inspectors may be dealing with even more complex issues next year when they review 2008 audits," PCAOB Chairman Mark W. Olson said in announcing the new budget.

January 5
Regulatory actions and programs

SEC chief accountant to step down

Securities and Exchange Commission Chief Accountant Conrad Hewitt announced that he will leave the regulator as the Obama administration takes over. Also leaving will be John White, the director of the Division of Corporate Finance.SEC Chairman Christopher Cox had said previously that he will leave upon the change in administration.

January 5
Accounting standards

FASB speeds into 2009

The Financial Accounting Standards Board by its own accounts had a very productive 2008, and it looks like its output will be even higher in 2009.Though much of 2008 was dedicated to issuing discussion papers that may eventually lead to standards and documents in 2009, the past year saw new standards on accounting for financial guarantee insurance contracts, the hierarchy of generally accepted accounting principles, and disclosures about derivative instruments and hedging activities.

January 5
Audit

FASB Formally Defers FIN 48, Provides Retirement Plan Disclosure Guidance

The Financial Accounting Standards Board has released a staff position officially deferring the effective date of FASB Interpretation 48, "Accounting for Uncertainty in Income Taxes," for nonpublic pass-through entities and nonprofit organizations, and released guidance on accounting for the assets in postretirement plans.

January 2
Regulatory actions and programs

SEC Enforcement Chief Accountant Resigns

Susan G. Markel, chief accountant of the Securities and Exchange Commission's Division of Enforcement, is stepping down after 14 years at the agency.

January 2

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.