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

IASB Urges Principles-Based Standards

If you think you understand IAS 39, "Financial Instruments: Recognition. and Measurement," then you haven’t read it, according to Sir David Tweedie, chairman of the International Accounting Standards Board.

April 5
Audit

SEC Commissioners Endorse SOX Changes

The Securities and Exchange Commission endorsed the recommendations of the agency's professional staff to eliminate, “waste and duplication,” in companies’ compliance with the Sarbanes-Oxley Act.The change is particularly aimed at providing relief for smaller companies.

April 4
Audit

PCAOB Proposes Audit Standard, Rules Relating to Tax Services

The Public Company Accounting Oversight Board released a new auditing standard along with guidance targeting how tax services are provided to people in financial reporting oversight roles.

April 3
Accounting standards

Tenet Healthcare Pays SEC $10M to Settle Charges

The Securities and Exchange Commission filed, and settled, civil fraud charges against Tenet Healthcare Corp. and four former senior executives.

April 3
Regulatory actions and programs

SEC Takes District Offices to Regional Level

The Securities and Exchange Commission announced that its six district offices will become regional offices and report directly to the commission's Washington headquarters as of April 2.

April 2
Regulatory actions and programs

Nicor to Pay $10M to Settle Fraud Charges

The Securities and Exchange Commission announced last week that Nicor Inc., a Chicago-area natural gas distributor, and Jeffrey Metz, its former assistant vice president and controller, will pay more than $10 million to settle charges that they engaged in improper transactions, made material misrepresentations, and failed to disclose material information.The SEC filed a settled civil injunctive action against Nicor and Metz, alleging financial fraud lasting from 1999 to 2002. The funds Nicor and Metz agreed to pay in disgorgement and civil penalties will be placed in a fund for distribution to affected shareholders. Nicor also agreed to be permanently enjoined from violating the antifraud and reporting provisions of the federal securities laws.

April 2
Accounting standards

Debate opens on IFRS reporting standards for SMBs

Following a long period of assimilation, the London-based International Accounting Standards Board has released an exposure draft on accounting principles under International Financial Reporting Standards for the small and midsized sector.The IASB's goal was to provide a simplified, self-contained set of accounting principles that are appropriate for smaller, non-listed companies, but nevertheless based on IFRS - the guidelines developed primarily for listed European Union companies that are now in use or being adopted by 100 different countries around the world. American and EU regulators are currently embroiled in an ongoing convergence project between IFRS and U.S. generally accepted accounting principles.

April 1

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.