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.

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Freddie Mac Says Loss Is Likely

Mortgage finance giant Freddie Mac said that it expects to post a loss because of anticipated claims likely to stem from various lawsuits and enforcement actions related to its multi-billion-dollar earnings restatement.

June 14
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SEC Opens Formal Probe into OfficeMax Accounting

The Securities and Exchange Commission has opened a formal investigation into OfficeMax Inc.'s accounting for vendor income, the company disclosed.

June 14
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HealthSouth to Pay $100M in Deal with SEC

HealthSouth Corp. will pay $100 million to settle charges brought against it by the Securities and Exchange Commission alleging that it cooked its books by more than $2 billion over several years.

June 9
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CCH Database Offers SEC Comment Letters

Tax and accounting software provider CCH has added Securities and Exchange Commission comment letters to its Accounting Research Manager 10-K Lookup tool.

June 9
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Reports: SEC Hiring Ceilings Cut Amid Budget Woes

Hiring ceilings at the Securities and Exchange Commission have reportedly been cut by 10 percent across the board amid facility cost overruns and an anticipated lower budget for fiscal 2006.

June 7
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IASB Launches European Road Show

Overseas accounting rule makers are kicking off the summer with a series of road shows across Europe to talk with members of the business community there about International Financial Reporting Standards, which are now mandatory for listed companies in all 25 member states of the European Union.

June 6
Regulatory actions and programs

Lease accounting tempest rages on

Almost overnight, lease accounting has morphed into one of the profession's biggest headaches, as more than 300 companies have had to restate their financials, citing, among other issues, corrections to lease accounting errors.

June 5

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.