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

SEC Holds Small Business Capital Formation Forum

The Securities and Exchange Commission plans to hold its annual forum on small business capital formation on Nov. 20 at its headquarters.

October 29
Audit

One Too Many Emperors

“An emperor of a prosperous city who cares more about clothes than military pursuits or entertainment hires two swindlers who promise him the finest suit of clothes from the most beautiful cloth. This cloth, they tell him, is invisible to anyone who was either stupid or unfit for his position. The Emperor cannot see the (non-existent) cloth, but pretends that he can for fear of appearing stupid; his ministers do the same. When the swindlers report that the suit is finished, they dress him in mime. (acting out a story through body motions, without use of speech—Ed.) The emperor then goes on a procession through the capital showing off his new ‘clothes.’ During the course of the procession, a small child cries out, ‘But he has nothing on!’ The crowd realizes the child is telling the truth. The Emperor, however, holds his head high and continues the procession.”

October 27
Audit

Auditing Clarification Project Nears Completion

The International Auditing and Assurance Standards Board said it is getting close to completing an 18-month project aimed at making audit standards more understandable.

October 27
Regulatory actions and programs

Accounting Salaries Projected to Increase 3.4%

Finance and accounting staff will receive an average salary boost of 3.4 percent next year despite the economic downturn, predicts recruiting company Robert Half International.

October 26
Audit

Groups Claim Fair Value 'Judgment' Is Too Murky

Leaders of six business associations have written a joint letter to the Securities and Exchange Commission complaining that recent guidance about the use of judgment in fair value accounting "has the potential to cloud transparency."

October 26
Accounting standards

NASBA to Host International Accounting Forum

Accounting regulators from more than 15 countries plan to gather at a forum in Boston next week hosted by the National Association of State Boards of Accountancy.

October 23
Audit

Countrywide Switches Auditors

Bank of America's audit committee has hired PricewaterhouseCoopers to replace KPMG as the auditor for its recently acquired Countrywide Financial unit.

October 23

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.