IFRS versus GAAP approaches to impairment loss

Accounting Resources

In any industry, it is important to keep up-to-date with the ongoing changes in other firms, consumer trends, and other factors that affect the way business in the industry is conducted. In few sectors is this more apparent currently than in the field of accounting, where the recent spate of bank failures and other company collapses brought on -- in whole or in part -- by "creative accounting" practices has brought new scrutiny, new methods, and new legislation to bear on accounting practices. In order to keep abreast of these and other ongoing changes in the field of accounting, subscriptions and/or regular monitoring of certain scholarly journals, trade magazines, and online blogs is not only advisable, but is a near necessity. Like other industries, accounting demands constant attention.

Recommendations

Journals:

Accounting and Business Research

Accounting and the Public Interest

Trade publications:

Accounting Today

Accounting Technology

Blog:

The practicing CPA

Scholarly Journals

Scholarly journals can be distinguished from other media by several key criteria, most notably the fact that they are peer-reviewed, meaning that the articles submitted to these journals for publication are read through and verified, inasmuch as possible, by respected figures that work in the industry and/or hold positions in the academic world. This does not mean that these journals represent objective fact, and in the realm of accounting this is all but impossible in many cases. The system of peer review, however, does ensure that all opinions have been validated by empirical evidence and/or accepted methods of analysis. This last point is especially important; while other media also generally attempt to retain objective standards, scholarly journals utilize accepted methodologies for testing validity.

One such journal that has been in print for several decades is Accounting and Business Research, which includes both empirical studies and analytical articles relating to the accounting filed and other aspects of business and finance. Though published in London and specifically geared towards firms and clients in England and Wales, this journal also carries an abundance of internationally relevant information, including articles concerning pension payments standards and practices from an international perspective, the continuing debate and discussion of ethics in the accounting field, and other issues in accounting that are relevant regardless of the readers' country of origin or work (Accounting and Business Research 2009). The international perspective of the journal actually makes it more appealing than others, as it provides a more objective and varied view.

Accounting and the Public Interest has not been in publication as long as Accounting and Business Research, but its very specific focus makes it an excellent subscription choice for the modern progress of ethics in the accounting field. Though sometimes fairly technical and esoteric, there would be no considerable issue for anyone working in the field of accounting or studying the field to understand the articles contained herein. The public interest focus might initially appear to be aimed at a niche market, but as the past has shown us (with an especial vengeance in the past several years), all accounting must be conducted with the public interest in mind. The articles contained in Accounting and the Public Interest are not aimed at specific companies or endeavors, but rather apply fully to accounting practices throughout the business world from the public interest perspective.

An equally scholarly journal, but one that is less useful to professionals currently working the field of accounting, is the Accounting Historian's Journal. The articles here are all just as valid and arguably even more objective and empirically-based than current studies published in other journals, if only because of the additional and more concrete data available to the historical perspective. Despite the relevance that some of the articles have on progressions in the accounting field today, however, this article tends to deal with the past rather than the resent or the future, and in the world of business -- though it is important to know where one is coming from -- knowing what's happening in the here-and-now is of primary importance. This journal is more geared towards, and therefore will be more appreciated by, those studying accounting from an academic rather than a practical perspective.

Trade Publications

In addition to scholarly journals, there are many trade publications that often have more affordable subscriptions and a wider array of more accessible items. The review process for such publications is not nearly the same as for scholarly publications, however; though there are still standards of journalistic integrity, many trade publications can carry a more obvious bias with less rigorous standards of empiricism and objectivity. This does not mean that they are less useful, but rather that they must be read with care given to the interests of the authors and the publisher, as these will likely have a larger effect on the stories presented in the publication and the ways in which they are presented. Such publications are also less likely to publish highly technical studies, though they may report the results.

Trade publications also tend to gear themselves to more specific foci than many scholarly publications. Accounting Technology is a prime example; this periodical keeps industry professionals abreast of advancement in technologies and techniques that can be utilized to make accounting more efficient, or in other ways affect the practice of accounting. The tone of this publication is not exactly informal, and it definitely expects its readers to have more than passing knowledge of current technologies and practices in the filed of accounting, but Accounting Technology does not use highly technical or abstruse prose. Though largely an advertising instrument for the developers of accounting technologies and software, Accounting Technology must also depend on its reputation to remain viable as an arbiter of advancements being made in the field, and thus retains objectivity.

Accounting Today has a broader scope, and is more typical of trade publications in the business world in its newspaper-like articles. This publication is full of succinct information regarding developments in accounting practices and legislation, and is rather scant on commentary (except in its editorial articles, of course). Much like Accounting Technology, the language of Accounting Today is quite obviously (and necessarily) geared towards accounting professionals, yet it refrains from becoming exceedingly dry or overly technical. At the same time, it must provide succinct and useful information to its readers without a lot of unnecessary fluff, commentary, or other distractions. In this, it succeeds completely, and this publication is a near necessity for any accounting operation, whether a stand-alone firm or a department or office in a larger company or corporation.

SMB Finance is a publication with a very different scope. Purposefully targeting small and medium-sized stand-alone accounting firms, this publication is not nearly as useful to accounting departments in larger corporations as either Accounting Technology or Accounting Today. Though the information is equal in its validity, technicality, and readability, it is simply les applicable to larger ventures and companies. It would be incredibly useful to smaller accounting ventures and individuals -- both students and already practicing professionals -- who are thinking of setting out their shingle as independent or freelance accountants, especially as many of the larger trade publications do not concern themselves with the impact of legislation and other developments on these smaller entities. For a large corporation, however, subscription to this magazine would simply not make sense.

Blogs

There is no denying the changes that the Internet has wrought in almost every single industry in the world, and the field of accounting is no exception. The fact that trade information is now regularly published online is perhaps one of the more minor changes to the accounting world that the Internet has brought about, yet it still has a significant impact on the field. Both the rate and the breadth of information available in the accounting field have grown tremendously due to the Internet (as has been the case in most industries), and this has many benefits as well as a few pitfalls to those seeking reliable, current information. While most trade publications must remain at least somewhat objective to remain profitable and viable, blogging takes almost no expense and fewer credentials.