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

DOJ, SEC Charge Former Peregrine Execs, Andersen Partner in Accounting Fraud

The Department of Justice charged eight former executives of software maker Peregrine Systems Inc., the company's former outside auditor and two of its outside business partners with conspiracy to commit a multi-billion dollar securities fraud.

October 7
Audit

Analysts Urge Stronger Corporate Reporting

A coalition of analysts at 17 socially responsible investment firms representing over $147 billion in assets has banded together to call on publicly traded companies worldwide to start reporting annually on their key social and environmental policies, practices and performance.

October 6
Tax practice

GAO: IRS Needs to Revise Penalty Rules for False SSNs

As part of efforts to ensure the accuracy of Social Security numbers on wage statements, the Internal Revenue Service should consider revising its rules for waiving the penalties associated with filing statements with inaccurate numbers, the Government Accountability Office said this week.

October 6
Regulatory actions and programs

SEC May Bring Civil Action Against AIG

The Securities and Exchange Commission warned American International Group Inc. that it is mulling a civil action against the insurance company for possible securities laws violations related to three press releases that the commission says are misleading.

October 5
Audit

Levitt, Isaacson Named to Global Center Board

Former Securities and Exchange Commission Chairman Arthur Levitt Jr. and former CNN chair Walter Isaacson have been named to the board of the Global Center for Leadership & Business Ethics, an independent entity established to recognize individuals and organizations with extraordinary business ethics and leadership qualities.

September 29
Accounting standards

DOJ Adds New Charges Against HealthSouth's Scrushy

The Justice Department has added perjury and obstruction of justice charges to the criminal case against Richard M. Scrushy, the former chief executive and chairman of scandal-plagued HealthSouth Corp.

September 29
Audit

SEC Floats XBRL Proposal

The Securities and Exchange Commission has issued a proposal that would allow filers to submit financial data in eXtensible Business Reporting Language, or XBRL.

September 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.