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.

Financial reporting

Not the Right Time to Soften Accounting Rules

Accountants and banking industry officials hoping for looser financial reporting standards in response to the economic downturn received a reality check from the keynote speakers at the American Institute of CPAs’ National Conference on Current SEC/PCAOB Developments.

December 9
Regulatory actions and programs

CPAs Starting to Accept Global Standards

Accountants in the U.S. are increasingly starting to prepare for the transition to International Financial Reporting Standards, according to a new survey by the American Institute of CPAs.

December 5
Audit

FASB Will Launch New Standards Codification in July

The Financial Accounting Standards Board plans to introduce a new official accounting standards codification on July 1 that will supersede other sources, including the AICPA.

December 5
Regulatory actions and programs

SEC Chief Accountant Plans to Step Down

Securities and Exchange Commission Chief Accountant Conrad Hewitt intends to leave the agency in January.

December 1
Audit

Second XBRL Draft of GAAP Data Tags

XBRL US plans to soon publish an upgraded version of the Extensible Business Reporting Language interactive data tags for U.S. generally accepted accounting principles and is making the latest draft available for public review.

December 1
Audit

Bankers Demand Quick Action on Mark-to-Market

The American Bankers Association has written to Treasury Secretary Henry Paulson calling on regulators to make several immediate reforms to mark-to-market and fair value accounting rules before banks have to file their year-end financial statements.

December 1
Regulatory actions and programs

U.S. and European Companies Differ on IFRS Move

Companies in the U.S. and Europe generally favor the move to International Financial Reporting Standards, but European companies are much more skeptical about the process.

December 1

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.