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

Ex-SEC Chairman May Oversee KPMG

Specifics of a deal are being hammered out between federal prosecutors and KPMG LLP, and the name of former Securities and Exchange Commission Chairman Richard Breeden is being floated to serve as in independent monitor of the firm's future activities.

August 25
Tax practice

Treasury, IRS Announce Proposed Cost-Sharing Regs

The U.S. Treasury Department and Internal Revenue Service announced proposed regulations that provide further guidance to Section 482, which determines taxable income in connection with cost-sharing arrangements affecting intellectual property.

August 24
Regulatory actions and programs

English Accountants Call for Convergence Slowdown

The Institute of Chartered Accountants in England and Wales has officially called for a suspension of the International Accounting Standards Board's financial reporting standards convergence program, saying the board's proposal would create high costs and significant uncertainties for unlisted companies.

August 24
Accounting standards

SEC Charges Bristol-Myers' Execs

The Securities and Exchange Commission filed civil fraud charges against two former officers of Bristol-Myers Squibb Co. for allegedly orchestrating a fraudulent earnings management scheme through channel stuffing.

August 23
Audit

KPMG Settlement Could Come by Week's End

Reports say KPMG LLP is close to putting behind it a federal investigation into its sale of possibly illegal tax shelters.

August 23
Accounting standards

Kmart's Former CEO, CFO Face Fraud Charges

Two former top Kmart executives face Securities and Exchange Commission charges for misleading investors about Kmart's financial condition in the months preceding the retailer claiming bankruptcy in January 2002.

August 23
Audit

Study: IFRS to Hit Britain Pension Plans Hard

British consulting group Lane Clark & Peacock said that the pension deficits for Britain's top 100 companies by market value totaled more than $66 billion as of July, and could affect the way businesses using the new International Financial Reporting Standards are run.

August 23

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.