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

CCH, RIA Respond with Analysis of Energy, Transportation Acts

Tax information providers CCH and RIA both released comprehensive explanations and practical analyses of the tax provisions contained in the Energy Policy Act of 2005 and the Safe, Accountable, Flexible and Efficient Transportation Equity Act of 2005.

August 3
Audit

Errors at H&R Block Lead to Restatement

Tax preparation giant H&R Block Inc. has said in a filing with the Securities and Exchange Commission that it overstated net income for 2003 and 2004 by $91.1 million, due mostly to accounting errors.

August 2
Audit

Cox, Plus Two Democrats, Confirmed to SEC Panel

California Republican Rep. Christopher Cox will serve as the new chair of the Securities and Exchange Commission, after the Senate confirmed President Bush's pick alongside Democrats Roel Campos and Annette Nazareth, who will round out the five-member panel.

August 1
Regulatory actions and programs

IFAC Approves Study of Global Financial Reporting

The board of the International Federation of Accountants has initiated a global study on how to enhance the quality of the financial reporting supply chain.

August 1
Audit

Reliant, Deloitte Settle Energy Lawsuits for $75M

Big Four accounting firm Deloitte & Touche LLP and Reliant Energy Inc. will pay $75 million to settle shareholder class-action lawsuits that alleged that the electric company engaged in illegal trading to boost its stock value during the energy crisis of 2000 and 2001.

August 1
Audit

Panel Agrees to New Limits on Fannie, Freddie Portfolios

In a close vote along party lines, the Senate Banking Committee approved a bill to increase oversight of mortgage financing companies Fannie Mae and Freddie Mac, as well as reduce their combined $1.5 trillion investment portfolios by about $600 billion.

July 31
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

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.