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

GAO Gets Clean Peer Review Opinion

The Government Accountability Office's quality assurance system has received a clean audit opinion from an international peer review team.

April 21
Accounting standards

Coke Settles with SEC, DOJ Ends Probe

The Coca-Cola Co. announced a settlement with the Securities and Exchange Commission related to allegations that the company used a channel-stuffing practice known as "gallon pushing" to meet earnings expectations.

April 19
Audit

AICPA Seeks Comment on Exposure Draft on Financial Interests and Independence

The Professional Ethics Executive Committee of the American Institute of CPAs has proposed in an exposure draft a new ethics interpretation of rules to determine whether financial interests held by a company's external auditor impair independence.

April 19
Audit

KPMG Settles SEC Charges in Xerox Audits for $22M

Big Four firm KPMG LLP has agreed to pay more than $22 million to settle charges brought against it by the Securities and Exchange Commission in connection with its audits of Xerox Corp. from 1997 through 2000.

April 19
Accounting standards

Bush Bill Exempts FEMA Payments

President Bush has signed into law H.R. 1134, exempting qualified disaster mitigation payments from tax.

April 18
Accounting standards

FEI, IMA hit FASB hard on biz combos

In a resounding salvo aimed at pending proposals on business combinations and consolidated financial statements from the Financial Accounting Standards Board, two major financial associations - Financial Executives International and the Institute of Management Accountants - have roundly criticized not only the board's approach to those proposals, but also a broad spectrum of related issues.

April 17
Regulatory actions and programs

Accounting politics go global as IASC reviews constitution

London - The trustees of the International Accounting Standards Committee Foundation have begun deliberations on an increasingly political review of its constitution.

April 17

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.