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

SEC Nominee Has Major Stock, Fund Holdings

California Rep. Christopher Cox, President Bush's nominee for chairman of the Securities and Exchange Commission, disclosed his stock, mutual fund and other assets on Tuesday, the value of which could range from $2.7 million to $5.9 million.

July 13
Audit

SEC Dismisses Proceeding against Andersen Partners

After nearly two years of deliberation, the Securities and Exchange Commission dismissed an administrative proceeding against two former partners of Arthur Andersen & Co. last week.

July 12
Audit

Strong Response to Stock Option, Son of Boss Initiatives

The executive stock option settlement initiative launched in February has received a strong turnout, according to the Internal Revenue Service. The initiative provided corporate executives and their companies a means to resolve an abusive tax transaction involving the transfer of stock options to family controlled partnerships.

July 12
Accounting standards

DreamWorks Discloses SEC Probe, Cancels Stock Offering

DreamWorks Animation SKG Inc., the studio behind "Shrek" and "Shark Tale," announced on Monday that the Securities and Exchange Commission has launched a probe into trading of its stock and the release of its first quarter results in May.

July 11
Regulatory actions and programs

Krispy Kreme Names New Accounting Chief

Krispy Kreme Doughnuts Inc. named Douglas R. Muir, a consultant to the company since December 2004, as the company's new chief accounting officer on Friday.

July 11
Accounting standards

PCAOB: 12% of cos. below SOX standard

Better than one in every eight U.S. corporations that have undergone the more rigorous audits mandated by the Sarbanes-Oxley Act during the past year have been flagged for ineffective internal controls over their financial reporting, officials at the Public Company Accounting Oversight Board disclosed during a recent meeting with the organization's Standing Advisory Group.

July 10
Accounting standards

Tougher regs help boost software for nonprofits

Since Sarbanes-Oxley regulations went into effect for large enterprises, holding executives accountable for their company's financial records, the spotlight has been slowly turning towards nonprofits.

July 10

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.