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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I sat in on part of a meeting of the Financial Accounting Foundation and heard that many in Europe are taken aback at the swift pace of convergence in the U.S. with international accounting standards, but they are still waiting for us to set a deadline.
February 27 -
The International Accounting Standards Board said its Fair Value Measurement project team has begun a standard-by-standard review of existing fair value measurements in International Financial Reporting Standards to assess whether each standard's use of a fair value measurement basis was intended to be an exit price.
February 26 -
In November, we devoted a column to the issues surrounding the new return preparer penalty standards under Internal Revenue Code Sec. 6694 enacted as part of the Small Business and Work Opportunity Act of 2007. Those changes focused on the expansion of coverage of Code Section 6694 to tax returns beyond income tax returns; an increase in the penalties imposed, including penalties based on 50 percent of fees derived from return preparation; and an increase in the disclosure standard required to avoid penalties to more likely than not (greater than 50 percent) from a realistic possibility of prevailing on the merits (greater than one third).
February 25 -
In January, the Mortgage Bankers Association, supported by five of the nation's largest lending institutions, asked the Financial Accounting Standards Board to relax certain accounting rules concerning how restructured -- that is, failed -- loans are written down.
February 25 -
The Financial Accounting Standards Board has issued a proposed FASB Staff Position on the endowments of nonprofit organizations that could have large implications for how they recognize their assets and use donor-restricted funds.
February 25 -
The Public Company Accounting Oversight Board has voted to adopt Auditing Standard No. 6, Evaluating Consistency of Financial Statements, and an accompanying set of amendments to its interim auditing standards.
February 25 -
Small companies in the United States have long complained that it's unfair in terms of costs and time that they're required to meet accounting standards that were written for companies that are many times their size.
February 25