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

Deadline Extended for Auditor Independence, Tax Services

Public companies and their auditors will have some added leeway to ensure compliance with still unfinalized Public Company Accounting Oversight Board rules restricting the kinds of tax services auditors can provide.

March 30
Regulatory actions and programs

Prosecution Rests in Enron Trial; SEC Settles with Two Workers

The prosecution has rested in the ninth week of the government's fraud and conspiracy trial of former Enron chairman Kenneth Lay and chief executive Jeffrey Skilling.

March 29
Audit

IFAC Rolls Out Requirements for Group Audits

The International Auditing and Assurance Standards Board has re-issued an exposure draft titled "The Audit of Group Financial Statements."

March 28
Audit

Ex-Raytheon CEO to Settle Accounting Inquiry

The former chief of defense contractor Raytheon Co. will reportedly pay a civil fine and return part of his 2000 bonus as part of a tentative settlement with the Securities and Exchange Commission.

March 28
Audit

Survey Looks at CFO's Take on Exec Pay Proposal

Chief financial officers offered some strong opinions on the Securities and Exchange Commission's proposal to expand disclosure of executive compensation, according to the first quarter "CFO Outlook Survey," conducted by Financial Executives International and Baruch College's Zicklin School of Business.

March 27
Accounting standards

Mills Corp. Gets Official SEC Investigation

The Securities and Exchange Commission has begun a formal investigation of Mills Corp. after more than two months of informally looking into accounting problems at the shopping mall real-estate investment trust.

March 24
Audit

SEC Pursues Overseas Audit Firms

Two overseas auditors have been charged by the Securities and Exchange Commission for alleged misconduct in the audits of British software company AremisSoft Corp.

March 24

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.