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

Senate Committee Okays Trio of SEC Nominations

As expected, the Senate Banking Committee voted Thursday to recommend confirmation of President Bush's three nominees to the Securities and Exchange Commission.

July 28
Regulatory actions and programs

Former Qwest Exec to Pay $2.1M

A former executive at telecommunications company Qwest Communications International Inc. will pay $2.1 million to settle civil charges brought by the Securities and Exchange Commission. Casey allegedly backdated contracts allowing Qwest to immediately recognize revenue it would not receive until later.

July 27
Regulatory actions and programs

Gerber Scientific Announces End to SEC Inquiry

Gerber Scientific Inc. announced Tuesday that the Securities and Exchange Commission has ended an investigation into accounting irregularities at the maker of industrial manufacturing equipment.

July 27
Audit

PCAOB Adopts New Ethics, Independence Rules

The Public Company Accounting Oversight Board adopted new ethics and independence rules for auditors on Tuesday that place clear limits on the ability of accounting firms to offer tax services to their audit clients.

July 26
Regulatory actions and programs

Sallie Mae Disciplines Execs after Investigation

SLM Corp., the parent company of student loan lender Sallie Mae, said Monday that it had fired the subsidiary's chief financial officer and disciplined several other executives after finishing an internal accounting investigation.

July 26
Accounting standards

Ace to Restate Earnings, Suits Coming against RenaissanceRe

Property and casualty insurance company Ace Ltd said last week that it will restate five years of financial results after an internal investigation into its reininsurance contracts.

July 25
Accounting standards

Scrushy Wants Civil Charges Dropped

Lawyers for former HealthSouth Corp. chief executive Richard Scrushy have filed a motion in U.S. District Court to dismiss the civil charges recently filed by the Securities and Exchange Commission.

July 25

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.