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.

Regulatory actions and programs

GASB gets a grip on intangibles

The Governmental Accounting Standards Board has unveiled a new standard on accounting and reporting for intangible assets, clearing up a requirement of Statement 34 that had caused widespread uncertainty in the preparation and comparison of governmental financial reports.GASB Statement 51, Accounting and Financial Reporting for Intangible Assets, adopts a clear and simple description of intangibles as assets that have no physical substance, are non-financial in nature, and have a useful life extending beyond a single reporting period. Such assets would include easements, internally generated and third-party computer software, water and timber rights, patents, and trademarks.

August 19
Accounting standards

Another Brocade Exec Charged with Backdating

On the heels of a conviction against former Brocade Communications CEO Gregory Reyes, the Securities and Exchange Commission has filed fraud charges against Michael Byrd, the company's former CFO and COO.

August 19
Tax practice

IRS Releases Priority Plan

The Internal Revenue Service and the Treasury Department's Office of Tax Policy have released a "priority guidance plan" for 2007-2008, outlining the 303 projects they plan to complete through June 2008.

August 13
Audit

Second Life Developer Outsources Accounting

Linden Lab, creator of the online virtual world Second Life, has begun outsourcing its finance and accounting work to Consero Global Solutions.

August 13
Accounting standards

SEC Charges Gas Company Execs with Fraud

The Securities and Exchange Commission filed charges against the former CEO, CFO and treasurer of natural gas distributor Nicor, charging the Chicago-area company with financial fraud spanning the period of 1999 to 2002.

August 12
Tax research

AICPA Criticizes Proposed Estate Regulations

The American Institute of CPAs is criticizing proposed regulations for how post-death events might be considered in determining the value of a taxable estate.

August 9
Audit

SEC Commissioner Campos Steps Down

Roel Campos, one of the two Democrats on the five-member Securities and Exchange Commission, announced plans to return to the private sector next month, further tipping the balance on the panel as the SEC continues to issue and enforce regulations affecting accountants.

August 9

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.