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

Accounting Boards to Create Credit Crisis Group

The International Accounting Standards Board and its U.S. counterpart, the Financial Accounting Standards Board, plan to create a global advisory group to review financial reporting issues related to the credit crisis.

October 16
Audit

Groups Defend Fair Value Accounting

The Center for Audit Quality, the CFA Institute, the Council of Institutional Investors and the Consumer Federation of America have written to the Securities and Exchange Commission opposing demands for the SEC to override the Financial Accounting Standards Board's rules on fair value accounting.

October 15
Tax practice

Levitt Tells Senate to Expand Fair Value Accounting

Former Securities and Exchange Commission Chairman Arthur Levitt blamed recent SEC actions for contributing to the credit crisis and urged legislators to expand fair value accounting.

October 15
Audit

Bankers Ask SEC to Overrule FASB on Fair Value

The American Bankers Association has written to the Securities and Exchange Commission demanding that it override the Financial Accounting Standards Board's guidance on fair value accounting.

October 14
Accounting standards

Former Duane Reade Executives Indicted for Fraud

The former CEO and CFO of drug store chain Duane Reade were indicted on fraud charges for allegedly inflating the company's income.

October 14
Tax practice

Tax Court Amends Whistleblower Rules

The Tax Court has amended its rules of rules of practice and procedure for whistleblower actions, making it easier for informants to keep their identities confidential.

October 13
Career moves

Edwards Named Assistant Chief Economist at SEC

The Securities and Exchange Commission named Dr. Amy Edwards to the post of Assistant Chief Economist for Markets and Intermediaries in the agency's Office of Economic Analysis.

October 13

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.