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

New convergence phase ahead

If the plans of the Financial Accounting Standards Board come to fruition, 2007 will represent a historic year in international accounting - a giant leap forward in global financial efficiency.It was just four years ago that FASB and the International Accounting Standards Board decided to get serious about their efforts to converge U.S. and international standards. They planned to move ahead on two fronts: one toward the short-term convergence of relatively simple issues, the other toward convergence of issues that were either relatively complex or controversial.

February 12
Financial reporting

NFP Scandals Sparking Stricter Policies

A ballooning number of corruption scandals at non-profits may result in more NFPs adopting tighter policies and procedures according to global CPA and business advisory firm Grant Thornton.

February 12
Accounting standards

Donaldson Joins Fledging Advisory Firm

William H. Donaldson, who co-founded the investment bank Donaldson, Lufkin & Jenrette and later became chairman of the Securities and Exchange Commission, has joined Perella Weinberg Partners as chairman of its advisory council, the firm announced yesterday.

February 9
Audit

PCAOB Standing Advisory Group to Meet

The Public Company Accounting Oversight Board announced that it its Standing Advisory Group will meet on Feb. 22 in Washington.

February 8
Audit

KPMG Will Miss Another San Diego Deadline

KPMG said that it would miss the upcoming Feb. 16 target to complete a long-overdue audit of San Diego's 2003 financial statements.

February 7
Regulatory actions and programs

SEC Names Deputy Chief Accountant

The Securities and Exchange Commission has appointed James L. Kroeker as deputy chief accountant in the agency’s Office of the Chief Accountant.Kroeker, 37, started work at the commission this week, where he will be responsible for resolving accounting issues and rulemaking projects, as well as oversight of private sector accounting standards-setting efforts.

February 6
Tax practice

Whistleblower Office Opens at IRS

The Internal Revenue Service’s Whistleblower Office opened for business this month. The congressionally mandated program is designed to receive information that helps uncover tax cheating and provide appropriate rewards to whistleblowers.

February 5

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.