| Academy Award Nominations and Winners: |
| ★ | Best Picture |
| ★ | Best Director: Sydney Pollack |
| Best Actress: Meryl Streep |
| Best Supporting Actor: Klaus Maria Brandauer |
| ★ | Best Adapted Screenplay: Kurt Luedtke |
| ★ | Best Cinematography: David Watkin |
| ★ | Best Art Direction: Stephen B. Grimes; Josie MacAvin |
| Best Costume Design: Milena Canonero |
| Best Film Editing: Fredric Steinkamp, William Steinkamp, Pembroke J. Herring, and Sheldon Kahn |
| ★ | Best Original Score: John Barry |
| ★ | Best Sound: Chris Jenkins, Gary Alexander, Larry Stensvold, and Peter Handford |
|
| Golden Globe Nominations and Winners: |
| ★ | Best Picture (Drama) |
| Best Director: Sydney Pollack |
| Best Actress (Drama): Meryl Streep |
| ★ | Best Supporting Actor: Klaus Maria Brandauer |
| Best Screenplay: Kurt Luedtke |
| ★ | Best Original Score: John Barry |
|
| Other Awards: |
| New York Film Critics Circle: Best Supporting Actor (Brandauer); Best Cinematography |
| Los Angeles Film Critics Association: Best Actress (Streep); Best Cinematography |
| National Board of Review: Best Supporting Actor (Brandauer) |
| British Academy Awards (BAFTAs): Best Adapted Screenplay; Best Cinematography; Best Sound |