To an outsider, the business of accounting may seem timeless. There’s a sense that this is a profession that values hard work and tradition as much as accuracy.

But there’s another side of accounting that’s much more dynamic — dare we say ... trendy.

“Accounting principles and rules are continuously changing to keep up with the times,” says Tim Downard, audit partner in the Cincinnati office of Grant Thornton LLP.“As business practices evolve, so does the accounting guidance in order to keep pace. The past six months to one year have been a very active rule-making period for the Financial Accounting Standards Board (FASB) and other governing bodies.”

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