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

United Rentals Lets Execs Go in Accounting Investigation

United Rentals, the world's largest equipment rental company, said that it removed three financial officers and fired two other employees after hearing a report from a special committee confirming accounting irregularities within the company.

January 30
Audit

Settlement for Cardinal Health in Works for $35M

Cardinal Health Inc., a manufacturer of medical supplies, has reached a tentative settlement with the Securities and Exchange Commission to end a two-year investigation into the company's accounting practices.

January 30
Audit

FASB Issues Fair Value Proposal

The Financial Accounting Standards Board has issued a proposal that would provide companies with the option to report financial assets and liabilities at fair value.

January 27
Audit

SEC's Glassman Says Brokerages Top List of Complaints

Speaking at the at the Financial Service Institute's 2006 Broker-Dealer Conference in San Diego, Securities and Exchange Commissioner Cynthia Glassman said that brokerages were the focus of more investor complaints to the SEC in the 2005 fiscal year than any other type of business.

January 27
Regulatory actions and programs

AICPA Seeks Comment on Attestation Engagements Draft

The American Institute of CPAs' Auditing Standards Board has reissued its exposure draft containing a proposed statement on standards for attestation engagements.

January 23
Regulatory actions and programs

Deal with Qwest Finance Chief Crumbles

Without providing details, a lawyer for former Qwest finance chief Robin Szeliga said that her deal with the Securities and Exchange Commission had collapsed.

January 23
Audit

NASD Enforcement Chief Steps Down

Barry Goldsmith, the enforcement chief of brokerage regulator NASD, will step down in March to return to private law practice, and his deputy was named as his acting replacement.

January 20

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.