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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Securities and Exchange Commission Chairman Christopher Cox said that regulators in different countries should avoid revising International Financial Reporting Standards to meet the needs of local markets.
October 11 -
The Securities and Exchange Commission has appointed Paul A. Beswick to serve as senior advisor in the SEC Office of the Chief Accountant.
October 10 -
The Securities and Exchange Commission has set up a new unit to speed the move to interactive financial reporting by public companies.
October 9 -
The Center for Audit Quality (CAQ) is living up to its name, as it has issued three white papers in response to the so-called “liquidity crisis” that began in the subprime mortgage-related markets and, according to CAQ, has spread to other corners of the credit markets with “a potentially pervasive impact on public companies generally with respect to investments held.”
October 8 -
The Internal Revenue Service has lost the first round in a much-anticipated test case against Textron Inc., in which it sought judicial approval for a new program seeking tax accrual workpapers during the examination of corporate clients.The IRS is interested in Textron's and others' workpapers, since they document what the company considers its questionable tax positions.
October 7 -
The Internal Revenue Service is not doing enough to match incorrect or missing identification numbers on income and wage statements with existing tax accounts, charged the Treasury Inspector General for Tax AdministrationThe TIGTA noted that in tax year 2004 alone, the IRS received about 3.8 million income statements reporting approximately $150 billion in earnings that could not be matched to a filed tax return because of missing or erroneous ID numbers. Compared to 2001, that represented a 63 percent increase.
October 7 -
In a vote that may have a wide-ranging effect on the accounting profession, House lawmakers voted 220-175 to overhaul patent rules and place a ban on tax-planning-method patents.HR 1908, the Patent Reform Act of 2007, primarily contains provisions that would make it harder to get patents and harder for companies to be sued for patent infringement. However, it also contains a provision that would protect accounting firms from lawsuits over tax-planning methods.
October 7