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Archive for October, 2008

This is part six of an eight-part series in which I review the seven IFRS critics (Sunder, Niemeier, Ball, Ketz, Selling, Jensen & Albrecht) of whom I am aware.  The series continues on regular posting dates, MWF.

Robert E. Jensen

Robert E. Jensen

In today’s essay, I review the anti-IFRS views of Robert E. Jensen, Ph.D., as summarized from his posts to the AECM listserv (Accounting Education Using Computers and and Multimedia) and on his web site page on accounting standard setting controversies.

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This is part five of an eight-part series in which I review the seven IFRS critics (Sunder, Niemeier, Ball, Ketz, Selling, Jensen & Albrecht) of whom I am aware.  The series continues over the next two weeks on regular posting dates, MWF.

Tom Selling, retired professor now conducts private consulting practice.

Tom Selling, retired professor now conducts private consulting practice.

In today’s essay, I review the anti-IFRS views of Tom Selling, Ph.D., as summarized in his recent blog post, “Top Ten Reasons Why U.S. Adoption of IFRS is a Terrible Idea.”  I consider Selling’s argument to be top notch and an essential component to the IFRS opposition.  It is a must read.

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This is part four of an eight-part series in which I review the seven IFRS critics (Sunder, Niemeier, Ball, Ketz, Selling, Jensen & Albrecht) of whom I am aware.  The series continues over the next two weeks on regular posting dates, MWF.

Professor at Penn State

Ed Ketz, professor at Penn State

In today’s essay, I review the work of J. Edward Ketz.  Ed writes an editorial column at AccountingWeb.com, called The Accounting Cycle.  I have read it regularly over the years, envying Ed for finding issues to write on, and for taking such interesting and principled stands.  I have so admired him that the first blog article I wrote was about him, Not Afraid to Call a Schumck a Schmuck.

It always seemed to me that Ed would oppose the U.S. push to adopt IFRS.  So, I asked him point blank if he favored the switch.  He responded “NO” in 80-point type.   As do all of the critics in this series, Ed brings a unique perspective to the IFRS opposition.  But first, a few biographical remarks.

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This is part three of an eight-part series in which I review the seven IFRS critics (Sunder, Niemeier, Ball, Ketz, Selling, Jensen & Albrecht) of whom I am aware.  The series continues over the next two weeks on regular posting dates, MWF.

In today’s essay, I review Ray Ball’s very popular paper, “International Financial Reporting Standards (IFRS): Pros and Cons for Investor.”  His paper, based on the P D Leake Lecture delivered on September 8, 2005 at the Institute of Chartered Accountants in England and Wales, has since been published in a 2007 edition of Accounting & Business Research. A pre-publication version of the paper is available at SSRN.

Ray Ball, distinguished professor at Chicago.

Ray Ball, distinguished professor at University of Chicago.

Ray Ball’s opposition to IFRS gives instant intellectual respectability to the cause.  If one of the world’s smartest professors does not favor the SEC’s push to change accounting standards, then that should give the rest of us reason for doubt.

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This is part two of an eight part series in which I review the seven IFRS critics (Sunder, Niemeier, Ball, Ketz, Selling, Jensen & Albrecht) of whom I am aware.  The series continues over the next two weeks on regular posting dates, MWF.

Charles Niemeier, member of PCAOB

It has now been 30 days since Mr. Niemeier’s really big splash.  The New York State Society of CPAs sponsors an annual conference featuring speakers from the Public Company Accounting Oversight Board (PCAOB).  On September 10, 2008, outgoing PCAOB member Charles Niemeier assailed the Securities and Exchange Commission (SEC) push to replace U.S. generally accepted accounting principles (GAAP) with International Financial Reporting Standards (IFRS).  In his strongest public comments (pdf version) to-date, Niemeier came out strongly in favor of retaining U.S. GAAP.  Two public accounts of his remarks quickly became available, along with two commentaries:

Before analyzing his speech, I’ll say a few words about his background.  (more…)

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This is part one of an eight part series in which I review the seven IFRS critics (Sunder, Niemeier, Ball, Ketz, Selling, Jensen & Albrecht) of whom I am aware.  The series continues over the next two weeks on regular posting dates, MWF.

Please be aware that you will need more time than usual to read this on Shyam Sunder, a blog essay.  I’m reviewing three pieces of work by Shyam Sunder.  Instead of a normal blog post of 500-800 words, this checks in at 3,400.  Be assured that the read is very much worth it.

Shyam Sunder

Shyam Sunder, Yale professor

Shyam Sunder, Ph.D., is truly a heavy hitter of an accounting theorist.  He is a tenured, full professor at Yale and is one of the very biggest names in accounting academe.  I’ve read of his work for years (his resume lists six books and over 150 refereed articles in the most highly regarded journals), and I stand in awe of his ability to get so much more out of 24 hours per day and 30 days per month than do I.   He is well respected by other professors, having served as president of the American Accounting Association (national group of accounting professors).  His brief  bio is very revealing.  It is an understatement to say that he shines much, much, much brighter on the brilliancy scale than I.

In reviewing his stance on IFRS, I will be referring to these three works (listed chronologically):

Dr. Sunder does not support the SEC decision to move the U.S to IFRS.  His points are sophisticated and are mostly outside the norm of those typically found on Internet web sites and/or newspapers.  However, I have tried to explain his work in such a way that a typical undergraduate student can understand.  I don’t think there is any reason now to be unaware of his work.

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There’s a day for everything and everybody.  HolidayInsights.com maintains a nearly exhaustive list:   Coming up are:

  • Oct. 5 World Teacher’s Day
  • Oct. 6 Come and Take It Day
  • Oct. 6 Mad Hatter Day
  • Oct. 6 Physician Assistant Day
  • Oct. 7 Bald and Free Day
  • Oct. 8 World Smile Day
  • Oct. 8 American Touch Tag Day
  • Oct. 8 Emergency Nurses Day
  • Oct. 9 Moldy Cheese Day

Moldy Cheese Day?  Bald Day?  GMAB (give me a break)!

I see days related to vocation and profession.  When is Accountant’s Day?  It is not listed at HolidayInsights.com.  Rajesh over at All About Accounting would like to know.  I’ll tell you in a couple of paragraphs.

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