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.
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Ernst & Young has settled charges with the Securities and Exchange Commission for $2.9 million alleging a conflict of interest in its audits of three companies.The case involved a series of interviews that Ernst & Young distributed on audio CDs with the chief executives of various companies. The interviews were conducted by executive coach Mark C. Thompson, who was also a board member of three companies audited by the firm.
September 7 -
In a pair of proposals that may eliminate much of the confusion surrounding audits of companies that outsource certain functions, such as payroll processing, the Auditing Standards Board has approved the issuance of an exposure draft that splits Statement of Auditing Standards 70 into two separate kinds of standards.Chuck Landes, American Institute of CPAs vice president of professional standards and services, said that the new standards follow the natural lines of division between types of audits — those of audit clients, and those of “service organizations” that perform outsourced functions.
September 7 -
RULING MAY INCREASE INSURANCE STOCK REFUNDSWashington, D.C. — A recent court ruling by the U.S. Court of Federal Claims could increase claims for tax refunds by insurance policy-holders who sold stock in insurance providers that went public.
September 7 -
Former Securities and Exchange Commission Chairman Arthur Levitt will chair a Governance Leadership Council formed by risk management service provider RiskMetrics.
September 7 -
Comparatively few universities will be educating students in international accounting standards this academic year, despite plans by the Securities and Exchange Commission to impose the new standards on U.S. companies.
September 4 -
The International Accounting Standards Committee Foundation has published a guide to the Extensible Business Reporting Language version of International Financial Reporting Standards.
September 2 -
For months, leaders in the accounting profession have been demanding that the Securities and Exchange Commission give them a "date certain" for the transition to International Financial Reporting Standards, and now they have it, though the date looks more than a little uncertain.
September 2