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

SEC's top accountant to leave for private sector

The chief accountant of the Securities and Exchange Commission, Donald T. Nicolaisen, will leave the commission in October to return to the private sector.Nicolaisen, 61, joined the SEC under former Chairman William Donaldson in September 2003 and led numerous initiatives to improve financial disclosure, strengthen the audit process and rebuild investor confidence.

September 25
Regulatory actions and programs

FASB issues new draft on transfers of financial assets

In a continuing struggle to keep up with the increasing complexity of financial assets and special purpose entities, the Financial Accounting Standards Board has issued three proposals to amend existing statements that have, in just a few years, become - to some extent - obsolete.The proposals are a response to constituents in various sectors who requested clarifications and simplifications of the technically complex Statement 140, Accounting for Transfers and Servicing of Financial Assets, which was seen as becoming harder to interpret and implement as new kinds of financial assets come into existence, especially in the areas of securitizations and special purpose entities.

September 25
Tax practice

GAO and TIGTA offer IRS some advice on compliance

Both the Government Accountability Office and the Treasury Inspector General for Tax Administration have some advice for the Internal Revenue Service.On the heels of an IRS decision to focus on S corporations in order to zero in on the compliance problems of small businesses, the TIGTA issued a report calling on the IRS to improve its efforts against employment tax noncompliance. The GAO also weighed in in the same week with its report, "Tax Compliance: Better Compliance Data and Long-term Goals Would Support a More Strategic IRS Approach to Reducing the Tax Gap."

September 25
Audit

SEC Votes to Delay SOX for Small Companies

It was a smooth first meeting for Securities and Exchange Commission Chairman Christopher Cox, with the panel voting unanimously to extend the deadline for when small companies will have to have their internal controls documented under Section 404 of the Sarbanes-Oxley law.

September 22
Accounting standards

Former Gemstar Leader to Plead Guilty

The former chairman of Gemstar-TV Guide International Inc. will plead guilty to obstructing a Securities and Exchange Commision investigation into accounting irregularities at the company.

September 21
Audit

PCAOB to Hold Boston Forum on Small Business Audits

The Public Company Accounting Oversight Board will host a forum in Boston to bring information to the small business community.

September 21
Audit

Stun Gun Makers Swaps Auditors

Three months after restating its 2004 earnings, stun gun manufacturer Taser International Inc. said it had fired its accounting firm.

September 19

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.