Barack Obama, charismatic, persuasive, astute and promising the kind of radical change to US politics that many around the world could not imagine. This is the most gripping US election in decades and yet would either candidate be good for accountants?

The answer is that Obama, if he wins, has the potential to send the development of core issues ­ international standards, audit liability caps and fair value ­ in a direction that could not have been imagined just a few months ago.

Probing the prospects for accountants under a new presidential regime is not an empty task. The interconnected nature of the global economy means developments in the US, as we have seen with the credit crisis, can have far reaching ramifications for other nations. The Sarbanes Oxley Act to clean up internal controls, after the Enron and WorldCom collapses, demonstrates emphatically just how change in US financial regulation can quickly transform the landscape for accountants in Britain, Europe and far beyond.

So, as we wait for the outcome of this historic presidential election, there are questions accountants need to consider.

There are four key areas. Will the new president permanently disable fair value? Will he accept the argument for an audit liability cap? Will a shift to international accounting standards be embraced? How good will a new president be to companies through corporate taxation?

Few direct statements have been made on any of these issues by the candidates, but our writers have spoken to observers and advisers to give Accountancy Age readers some idea of what might be on the horizon. It cannot be forgotten that the financial crisis may have changed everything. A more inward looking president may not think highly of auditors or convergence to global accounting standards. It’s possible a new president may be more protectionist, much less of an internationalist.

As we near the conclusion of this campaign, there is everything to play for in the big issues affecting accountants. In the following pages our writers will hopefully throw some light on the direction a new president will take.

To read all the general news, features and comment on the topic, click on the stories below...

Big Four staff put money on Obama

Duo tipped to battle it out for SEC chairman role

Fair value's future remains uncertain

'When looking for scapegoats anybody could be found'

Educated guess work

Campaign trial

A mandate to reform and regulate

Overview: war on tax havens