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.

Accounting standards

After years of tweaking, Form 990 revisions are here

The new discussion draft Form 990, dubbed "the biggest thing the Exempt Organizations Division at the IRS has done in the last quarter century," by division director Lois Lerner, could be both a boon and a burden for preparers.The Internal Revenue Service hopes that the form, already released for comment, will be ready for use for tax year 2008.

July 22
Tax practice

Adding value to sales tax compliance

Have you heard the joke about the sales tax audit? No one has.There is nothing funny about a sales tax audit.

July 22
Tax practice

Maximizing the tax benefits of vacation homeownership

Summertime brings with it the "high season" for clients who are seriously considering purchasing vacation homes, or switching from one vacation home to another.The majority are looking to take advantage of certain tax breaks to help them carry the property. For others, tax savings are an added bonus to validate their decision. In either case, tax advisors often get a hurried call to explain the options.

July 22
Accounting standards

GASB wary as Connecticut mulls its own GAAP

At the request of Connecticut State Comptroller Nancy S. Wyman, the state's General Assembly has voted to allow the comptroller to set generally accepted accounting principles for the state, starting in 2009.Wyman, however, said that she has no intention of modifying GAAP, as set by the Governmental Accounting Standards Board, for external reporting.

July 22
Regulatory actions and programs

EU agonizes over fair value

The European reaction as to how a proposed standard on fair value needs to be revised in order to be suitable for International Financial Reporting Standards is starting to emerge as a more of a "back to basics" cry.Among other things, regulatory experts within the EU are requesting a more principles-based approach and shorter documents than the 12 pages on FAS 157 and the 20-plus pages of guidance. They also maintain that any debate on the subject should not begin with the assumption that fair value needs to be reflected on the balance sheet. Others have forwarded suggestions on clarifying the language of the standard.

July 22
Regulatory actions and programs

Former SmartForce Execs Settle with SEC

The Securities and Exchange Commission has settled charges with four former finance executives of SmartForce related to the software company's overstatement of revenue and income.

July 22
Accounting standards

Chief Economist Chester Spatt to Leave SEC

The Securities and Exchange Commission announced Thursday that Chester Spatt, Chief Economist and Director of the Office of Economic Analysis (OEA), will leave the agency to return to academia at the end of July, according to an SEC press release.

July 22

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.