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

PwC to Open New Audit Firm in Japan

PricewaterhouseCoopers announced that it will create a new audit firm in Japan after an alliance with a partner was ordered to halt auditing services for two months.

May 14
Audit

Overstock Gets SEC Subpoena, Cancels Stock Sale

Excess inventory retailer Overstock.com Inc. announced that the Securities and Exchange Commission has issued the company a subpoena requesting information on accounting policies, targets and projections.

May 11
Audit

Regulators Agree Some SOX Changes Needed

Responding to continuing complaints from corporate America about the excessive cost of complying with Sarbanes-Oxley Act internal control audit reporting requirements, top officials from the Securities and Exchange Commission and the Public Company Accounting Oversight Board told accountants and private sector financial execs that relief is on the way.

May 10
Audit

Morgan Stanley Pays $15M for Poor E-mail Retention

Morgan Stanley & Co. will pay $15 million to settle a civil lawsuit from the Securities and Exchange Commission. The SEC said that the company failed to produce tens of thousands of e-mails it requested as part of a probe.

May 10
Accounting standards

Former Gemstar Exec Ordered to Pay $22M

In one of the largest fines ever handed down to an individual charged with accounting fraud, a federal judge has ordered the former chairman and chief executive of Gemstar-TV Guide International Inc. to pay $22 million in penalties, interest and restitution.

May 9
Tax practice

Cox: More Tax Info Might Be Required from Companies

Another federal regulator has publicly floated the idea of the government requiring the release of tax information from public companies.

May 2
Audit

Panelists Announced for Internal Control Roundtable

The Securities and Exchange Commission and the Public Company Accounting Oversight Board announced the panelists for a May 10 roundtable on Year Two experiences with the internal controls provisions of the Sarbanes-Oxley Act.

May 2

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.