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In September 2010, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) completed the first phase of a project that will influence global standards setting for many years to come. Having a conceptual framework eliminates the need for a standards setter, such as the FASB or the IASB, to reestablish core concepts each time it develops or updates a standard. Additionally, by consistently referring to a stable conceptual framework, a standards setter is more likely to promulgate standards that are consistent with each other as well as with significant assumptions and constraints. The conceptual framework of US Generally Accepted Accounting Principles is documented in a series of Statements of Financial Accounting Concepts issued by the F...
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This paper discusses the increasing diversity in the accounting profession. Evidence is presented substantiating that over one third of recent accounting graduates are from ethnic minority backgrounds, the majority of whom are Asian/Pacific Islanders. In our university specific data, we find an even higher percentage (71%) of ethnic minorities receiving accounting degrees, with Asian/Pacific Islanders as the majority group. We also show that over one fourth of new accounting graduates hired by accounting firms are ethnic minorities of which fifty percent are Asian/Pacific Islanders. However, a recent survey by the AICPA indicates that only 4% of partners in accounting firms are ethnic minorities, again half of whom are Asian/Pacific Islanders. Due to the predominance of this ethnic grou...
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The SEC said E&Y identified Bally as one of its riskiest audit clients because its managers were former E&Y audit partners known for aggressiveness in setting of accounting principles and estimates and because the company's compensation plan placed heavy emphasis on reported earnings. The SEC said of E&Y's 10,000 audit clients in North America, Bally was in the top 18 riskiest accounts and the riskiest in the Lake Michigan area.
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The Office of Federal Procurement Policy (OFPP), Cost Accounting Standards Board (Board), is publishing this final rule to revise Cost Accounting Standard (CAS) 412, ``Composition and Measurement of Pension Cost,'' and CAS 413, ``Adjustment and Allocation of Pension Cost.'' This revision will harmonize the measurement and period assignment of the pension cost allocable to Government contracts, and the minimum required contribution under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, as required by the Pension Protection Act (PPA) of 2006. The PPA amended the minimum funding requirements for qualified defined benefit pension plans. The Board issues this final rule to revise CAS 412 and CAS 413 to include the recognition of a ``minimum actuarial liability'' and `...
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The ability to read and understand academic research can be an important tool for practitioners in an increasingly complex accounting and business environment. This guide was developed to introduce students to the world of academic research. It is not intended for PhD students or others who wish to perform academic research. Instead, the guide should make published academic research more accessible and less intimidating so that future practitioners will be able to read empirical research and profitably apply the relevant findings. The guide begins by examining the importance of academic research for practitioners in accounting and next reviews the basics of the research process. With that background in place, we then give some guidelines and helpful hints for reading and evaluating acad...
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The Association to Advance Collegiate Schools of Business (AACSB) accredits both schools of business and accounting programs. An accounting program cannot be separately accredited unless the business school of which it is a unit is also AACSB-accredited. Business schools can be accredited without having their accounting programs separately accredited. Accounting practitioners involved in on-campus recruiting, those who make decisions about hiring or training, and those who serve on accounting program or business school advisory boards should familiarize themselves with the basic content of the standards and the issues faced by accounting programs in meeting the AACSB-accreditation standards. The standards for the accreditation of an accounting program cover three broad areas: strategic ...
