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

Convergence Picking up Speed

The trend toward convergence of accounting standards seems to be picking up speed after a bumpy start, but there are still plenty of hurdles ahead.

October 2
Audit

FASB Favors Single Accounting Standard

Robert Herz, chairman of the Financial Accounting Standards Board, has said he is in favor of a single set of global accounting standards.

October 1
Tax practice

IRS Updates Allowable Living Expense Standards

The Internal Revenue Service has issued a new set of allowable living expense standards that it will use to determine the ability of a taxpayer to pay a delinquent tax liability.

October 1
Accounting standards

Freddie Mac to Pay $50M Penalty to SEC

The Federal Home Loan Mortgage Corporation, or Freddie Mac, agreed to pay a $50 million penalty after the Securities and Exchange Commission charged it with securities fraud.

September 27
Tax practice

IRS Proposes Rules on Tax Strategy Patents

The Internal Revenue Service has issued proposed regulations governing patents on tax strategies and advice as a bill works its way through Congress outlawing such patents.

September 26
Audit

SEC Pushes XBRL Tags for GAAP

Securities and Exchange Commission Chairman Christopher Cox said that data tags had been developed for the entire system of U.S. generally accepted accounting principles, advancing the use of the Extensible Business Reporting Language for automating financial reporting information.

September 25
Tax practice

Regulations Issued on Practicing Before IRS

The Internal Revenue Service has issued regulations governing practice before the agency.

September 25

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.