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  • AAA HQ
    Dave Albrecht Named to AccountingToday's Top 100 Most...
    news item posted September 12, 2012 by AAA HQ, tagged 2012, achievement 
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    Dave Albrecht Named to AccountingToday's Top 100 Most Influential
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    AccountingToday Special Issue 2012: The Top 100 People: Always a work in progress
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    Each year the Editors of AccountingToday make a list of the people they believe play the biggest roles in the ongoing work that is the accounting profession. This year one of the AAA's members has the honor to be included in that list. Congratulations are in order for Dave Albrecht!

    Dave Albrecht
    Professor of accounting, University of South Carolina Upstate

    Through his blog, “The Summa,” Albrecht has an impact on issues like IFRS and accounting education — but he’s also influencing and promoting the profession’s adoption of social media as a whole.

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    Career Highlights: Professor, University of South Carolina Upstate, 2012-present … Associate professor, Concordia College, 2009-2012 … Assistant/associate professor, Bowling Green State University, 1990-2009 … Visiting assistant professor, University of Chapel Hill, 1989-1990 … Instructor and Ph.D student, Virginia Tech, 1985-1989 … Assistant professor, Andrews University, 1980-1985.

    Other Affiliations: Blogger, “The Summa” … American Accounting Association … North American Accounting Society … Creator, Real Money simulation game … Editor, CPANews, 1997-1998.

    Education: Virginia Polytechnic Institute and State University, 1991, Ph.D … University of Iowa, 1980, MA Acctg; 1976, BA Political Science.

    Personal: Born 1949, Iowa City … Married to Brenda Kay … Two sons.

    Blog/Twitter: http://profalbrecht.wordpress.com  / @profalbrecht

  • Judy Cothern
    G. Peter Wilson earns AICPA's Distinguished Achievement...
    news item posted June 2, 2010 by Judy Cothern, tagged 2010, achievement, general news 
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    G. Peter Wilson earns AICPA's Distinguished Achievement in Accounting Education Award
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    Wilson Earns AICPA's Distinguished Achievement in Accounting Education Award
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    G. Peter Wilson, Carroll School of Management at Boston College, was presented with the AICPA's Distinguished Achievement in Accounting Education Award by Bob Harris, chair of the AICPA, during the Institute’s spring meeting.

    Upon acceptance of the award, Wilson talked about the importance of teaching students how to answer open-ended questions. He noted there is an over-reliance on testing students using multiple choice or true and false questions. “We put the next generation of CPAs at great risk,” he said. “The next generation will run the risk of being outsourced. Teach students to answer open-ended questions and [they] can gain competitive advantage by becoming proficient in this area.”

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    The award recognizes those distinguished for teaching excellence and national prominence in the accounting profession. The award serves two functions – extending profession-wide recognition to the recipient as well as promoting role models in academia.

    Wilson received the award for his innovative teaching practices, which have encouraged his students to pursue careers in accounting. He is in the process of creating text and software targeted to those new to accounting. When complete, the text/software will integrate financial, managerial and tax reporting research, teaching and practice; procedural and conceptual skills; and the interplay between a reporting entity’s business and accounting decisions and decisions by users of its accounting reports.

    Aside from all that, Wilson served as a teaching consultant for the Big Four public accounting firms, and develops and teaches courses at major firms and two Fortune 50 companies.

  • Judy Cothern
    Gary John Previts and Reed Storey inducted to Hall of Fame
    news item posted August 25, 2011 by Judy Cothern, tagged 2011, achievement, general news 
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    Gary John Previts and Reed Storey inducted to Hall of Fame
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    Accounting Hall of Fame Members Attending 2011 Induction Ceremony—Front Row (left to right): James Don Edwards, Gary John Previts, Back Row (left to right): James Leisenring, Stephen Zeff, Robert Kaplan
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    The Accounting Hall of Fame Elects Two Distinguished Accountants—August 8, 2011
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    Columbus, OH - Two distinguished accountants were inducted into The Accounting Hall of Fame on Monday, August 8, 2011 at the American Accounting Association Annual Meeting in Denver, Colorado. The 2011 inductees are Gary John Previts, E. Mandell de Windt Professor and Distinguished University Professor at Case Western University, and Reed Karl Storey, Director of Accounting Research for the Accounting Principles Board and later Senior Technical Advisor to the Financial Accounting Standards Board.

    Honorees are selected by the Accounting Hall of Fame's international board of electors.  Eighty-eight influential and respected accountants from academe, accounting practice, government and business have been elected to the Accounting Hall of Fame since its establishment in 1950 at Ohio State University's Fisher College of Business.

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    GARY JOHN PREVITS:  The history of the accounting profession has dominated his published research which numbers over 70 papers and 7 books, including A History of Accountancy in the United States, the seminal work in the area. Following military service and doctoral study at the University of Florida, he served on the accounting faculties of the University of Alabama and Case Western Reserve University. He has worked tirelessly in support of both professional organizations and governmental agencies--including the American Accounting Association, the Academy of Accounting Historians, the American Institute of CPAs, and the Government Accountability Office—and is the recipient of many honors and awards including the Gold Medal of the AICPA and the American Accounting Association’s Distinguished Accounting Educator Award.

    REED KARL STOREY:  Following military service, doctoral study at the University of California – Berkeley, and service on the accounting faculty at the University of Washington, he was appointed Director of Research for the Accounting Principles Board (APB). When the Financial Accounting Standards Board replaced the APB, he became Senior Technical Advisor to the Board. In these positions he was a strong advocate of a conceptual basis for accounting policy and played a key role in the development of many accounting standards. He died in 1999.

  • David Boynton
    Jeffrey Doyle receives FASB 2012-2013 Research Fellowship
    news item posted March 28, 2012 by David Boynton, tagged achievement 
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    Jeffrey Doyle receives FASB 2012-2013 Research Fellowship
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    Jeffrey Doyle receives FASB 2012-2013 Research Fellowship
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    The Financial Accounting Standards Board (FASB) is pleased to announce that Jeffrey Doyle, George S. Eccles Chair in Capital Markets Research at Utah State University, has accepted the FASB 2012-2013 Research Fellowship, which will begin in July.  Jef earned his Ph.D. at University of Michigan and previously served on the faculty of University of Utah and as a visiting scholar at Stanford University.  Jef’s research examines factors associated with financial statement analysis, valuation, efficiency of capital markets, and earnings quality.  He has published scholarly articles in The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, and Review of Accounting Studies, and he is the recipient of several awards related to research and teaching.  The FASB is delighted to have Jef on board.

    Each year, the FASB selects a member of the academic community to serve as a research fellow. The Research Fellowship Program began in 2007 and is a one year, in-residence position at the FASB in Norwalk, CT. The research fellow coordinates with the academic board member and staff directors to:

    • Review existing research pertinent to Board projects and mission. 
    • Act as liaison with key constituencies performing research to inform them about standard setting issues.
    • Coordinate sessions inviting lead researchers with cutting edge ideas to present their work to Board and staff.
    • Evaluate circumstances where new research could inform the standard setting process. Act as catalyst to encourage such research by others or to perform research on own.
    • Working with research project teams to facilitate timely completion of relevant research.
    • Report on results of Board-related research activities to key constituents (including FASAC and other advisory bodies) to help frame dialogue with the Board.

    Contact Lynn Rees (llrees@fasb.org, 203-956-3472) to receive more information about the position, including how to apply for the program in the future.

  • Deirdre Harris
    Joe Hoyle, Robert Herz and Charles Landes
    news item posted October 23, 2009 by Deirdre Harris, tagged 2009, achievement 
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    Joe Hoyle, Robert Herz and Charles Landes
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    AAA members named to the list of the Top 100 Most Influential People in Accounting
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    Joe Hoyle, Robert Herz, and Charles Landes have been named to the list of the Top 100 Most Influential People in Accounting by Accounting Today. Professor Hoyle is an associate professor of accounting at the University of Richmond's Robins School of Business. Mr. Herz is the Chairman of the Financial Accounting Standards Board. Mr. Landes is Vice President of the Professional Assurance Standards Group at the AICPA.

  • Deirdre Harris
    Lynn Rees receives FASB 2011-2012 Research Fellowship
    news item posted April 13, 2011 by Deirdre Harris, tagged 2011, achievement 
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    Lynn Rees receives FASB 2011-2012 Research Fellowship
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    Lynn Rees Accepts FASB 2011-2012 Research Fellowship
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    The Financial Accounting Standards Board (FASB) is pleased to announce that Lynn Rees, Andersen Professor of Accounting in the Mays Business School at Texas A&M University, has accepted the FASB 2011-2012 Research Fellowship, which will begin in July. Lynn earned his Ph.D. at Arizona State University and has previously served on the faculties of Washington State University and the University of Houston.

    Lynn studies factors affecting the quality of accounting information and the role of intermediaries in the interpretation of accounting information for investors in capital markets. He has published his research in many venues, including The Accounting Review, Journal of Accounting Research, Journal of Finance, and Review of Accounting Studies. Lynn also has consulted with various companies on topics such as employee stock options, security investment strategies, and financial statement analysis. Lynn is also currently the 2011 AAA Annual Meeting Program Chair. The FASB is delighted to have Lynn on board.

    Each year, the FASB selects a member of the academic community to serve as a research fellow. The Research Fellowship Program began in 2007 and is a 13-month, in-residence position at the FASB in Norwalk, CT. Unlike some other fellowship programs, the intent of the Research Fellowship Program at the FASB is to bring in an academic researcher to act as a researcher (as opposed to acting primarily in the capacity of a standard setter or regulator). The Research Fellow's charge includes the following:

    --Closing the gap between the academic and policy making communities;
    --Consulting with FASB project teams to identify existing (published and incipient) research that is relevant to the issue at hand;
    --Summarizing and communicating, in non-academic language, papers that come to the attention of Board and Staff or that the Fellow identifies;
    --Making the academic community more aware of current topics of interest to the FASB;
    --Conducting or commissioning new research to provide empirical evidence about assertions made by the FASB or its constituents

    For more information about the Research Fellowship Program, including applying to be a research fellow at the FASB, contact Phil Shane at pbshane@fasb.org or 203-956-5317.

  • Deirdre Harris
    Michael Kraten on LIBOR, Accounting and the Public Interest11
    news item posted November 13, 2012 by Deirdre Harris, tagged 2012, general news 
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    Michael Kraten on LIBOR, Accounting and the Public Interest
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    Michael Kraten on Libor, Accounting and the Public Interest
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    Since the London interbank offered rate (LIBOR) scandal was brought to light months ago, Michael Kraten’s research work has been an important source of information for high-profile media sources including: Bloomberg Businessweek, The Economist and The Wall Street Journal. Even the UK House of Commons discussed the study.

    Rosa M. Abrantes-Metz, Michael Kraten, Albert D. Metz and Gim Seow co-authored “LIBOR Manipulation?”. The authors used their combined expertise in forensic accounting, econometric tools and capital markets to analyze the Libor rates for their article written in 2008.

    “We found that there were unusual patterns in the way that individual banks were submitting quotations that were being utilized to calculate LIBOR. There should be a fair amount of randomness; we failed to see those periods of randomness for an extended amount of time,” Kraten said.

    There were periods of time when the quotations would not fluctuate at all, not even by even a tiny basis point or two. The rate should reflect the banks’ underlying financial strength, which varies day by day, he said.

    There were other periods of time when the rate would fluctuate but not in the direction that the business environment would predict that it would fluctuate, said Kraten. For instance, in the middle of the financial crisis, when global financial markets were doing poorly, the rate would show that the banks were actually strengthening financially.

    The authors made it clear that they did not have proof. There was no way they could look at the quotations and know if the banks were having secret discussions, Kraten said. At the time the academic authors found trends in the data that raised the question whether price fixing might be occurring. They were concerned that there might be illegal manipulation going on based on their quantitative analysis.

    In 2010, Kraten presented their findings at the Public Interest Section’s midyear meeting, which helped increase exposure.

    Fast forward to mid-2012, when news broke that American regulatory agencies found certain email messages from global financial company, Barclays, that did indicate illegal conversations were occurring.  

    It was an American regulator called the Commodities Futures and Trading Commission (CFTC) that went public with the scandal by declaring Barclays guilty of manipulation of the rate and enforcing a $450 million dollar fine.

    On June 28, 2012, Ben Gummer, a member of the UK House of Commons, mentioned a paper circulated around New York University that “raised the issue of manipulation of LIBOR.” You can read the transcript HERE under column 480. 

    “What I suspect happened is that our paper here was first revealed, or first disclosed, if you will, on the floor of the House of Commons during this parliamentary debate, and then people started to ask questions, curiously, about what this paper was, who wrote it and what it said,” said Kraten.

    Colleagues encouraged Kraten to go on the record with recommendations. Kraten co-writes a blog with his wife, Maureen Kraten. The blog is called AQPQ. Micheal Kraten wrote a blog entry called “LIBOR and the Public Interest” and made two recommendations. He said the numbers should be audited, and Britain may want to create a government oversight agency that is similar to the PCAOB to oversee the accounting and the auditors.

    Four days after Kraten’s blog entry posted, Brian Mairs of the British Bankers’ Association (BBA) posted a comment on the blog stating that Kraten had a factual error in his blog post. The BBA collects data and manages the calculation of the LIBOR rate. Mairs wrote that Kraten had stated that the BBA sets LIBOR. Kraten replied that he never said that the BBA sets the rate, and he agrees that the BBA obtains the information from other banks.

    The Federal Reserve Bank of New York released a series of letters between Treasury Secretary Timothy Geithner, head of the Federal Reserve Bank of New York at the time, and Bank of England Governor Mervyn King, proving that the American government knew about problems with LIBOR in 2008. Privately, Geithner gave a set of six major recommendations including that independent accountants needed to audit the Libor rate.

    “As far as I knew, I was the first person to publicly call for external auditors auditing the LIBOR rate. As it turns out, the treasury secretary was privately calling for the same thing for the last four years,” Kraten said.

    We now know that there was significant correspondence between the major American and British regulators. Geithner says that because it was a British matter under British jurisdiction all he could do was bring his concerns to the Bank of England’s attention and make recommendations. King’s response is that Geithner only gave recommendations and observations without any proof of wrongdoing.

    Kraten speculates that they felt that coming out publicly during the financial meltdown with this major global scandal could have shattered public confidence in the banking system.

    Colleagues have asked Kraten if he has spoken with regulators or received offers to speak at banking trade association conferences, but he had not engaged in any conversations with regulators prior to this interview.

    “We are trying as hard as we can to keep the issue alive, to keep our recommendations alive, and to move forward from simply being able to identify that there was a problem, which is what we did in our original paper, to trying to get people to hear our prescriptive solutions that we are proposing.”

    Kraten said that as “guardians of the public trust” it is important for the members of the American Accounting Association to focus on the question: “What should we do to proactively reform the system so that it is operating in the public interest?”

    Michael Kraten is the luncheon speaker for the Public Interest Section Mid-Year Meeting in New Orleans in March 2013.

    -- Lindsay Peters, AAA

  • Deirdre Harris
    Nancy Mangold and Jack Krogstad
    news item posted September 10, 2009 by Deirdre Harris, tagged 2009, achievement 
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    Nancy Mangold and Jack Krogstad
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    Office of the Chief Accountant Names 2009-2010 Academic Fellows
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    The Securities and Exchange Commission's Office of the Chief Accountant announced the selection of Jack Krogstad and Nancy Mangold as Academic Accounting Fellows for one-year terms beginning this summer.

    Academic Accounting Fellows serve as research resources for SEC staff by interpreting and communicating research materials as they relate to the agency. In addition, Academic Accounting Fellows have been assigned to ongoing projects in the Chief Accountant's office that include rulemaking, serving as a liaison with the professional accounting standards-setting bodies, and consulting with registrants on accounting, auditing, independence and reporting matters.

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    "The perspective of fellows from academia is a great benefit to our Office of the Chief Accountant, but more importantly their work benefits U.S. investors," said James Kroeker, the SEC's Acting Chief Accountant.

    Mr. Krogstad holds the Union Pacific Endowed Chair in Accountancy at Creighton University in Omaha, Neb. He received his B.S. in Accounting from Union College in Lincoln, Neb., and his MBA and Ph.D. from the University of Nebraska at Lincoln. He also has held academic positions at the University of Texas at Austin, Kansas State University, the University of Michigan at Ann Arbor, and the University of Illinois at Urbana-Champaign.

    Mr. Krogstad has published extensively in the field of auditing and has been professionally active throughout his academic career. He was the Director of Research for the National Commission on Fraudulent Financial Reporting and served as Chairperson of the Auditing Section of the American Accounting Association as well as Editor of the Section's journal, Auditing: A Journal of Practice & Theory. He has frequently consulted as an expert witness in litigation involving accounting and auditing issues and served as a consultant to the American Institute of CPAs in its development of the computerized CPA examination. Mr. Krogstad presently is on the Board of Trustees of Union College and is the Chairperson of the World Auditing Board of the Seventh-Day Adventist Church. He teaches undergraduate and graduate auditing and strategic management courses at Creighton University.

    Ms. Mangold is a Professor of Accounting at the California State University, East Bay. She earned her Ph.D. and MBA from the University of California, Berkeley and her B.A. from the National Taiwan University. She is a Certified Treasury Professional (CTP). Ms. Mangold teaches both undergraduate and graduate financial accounting. She has taught executive MBA students in Austria, China, Singapore, and the U.S., and has trained high-ranking executives and government officials in China. Her research focuses on the effect of cross-border mergers and acquisitions in China on shareholder wealth; listing premiums for Chinese company IPOs in the U.S., Hong Kong, and on China's domestic exchanges; and earnings management issues related to Chinese company IPOs.

    Ms. Mangold received two Best Paper Awards for her papers on Chinese mergers and acquisitions in 2008 and 2009. Her recent work has been published in the International Journal of Global Business and Economics and the Journal of International Business and Economics. Ms. Mangold was appointed by the World Bank as a consultant to the People's Bank of China (equivalent to Federal Reserve Bank) for a project on China's Deposit Insurance System and to China's Ministry of Finance for a project on accounting for derivatives.

    Mr. Krogstad and Ms. Mangold will replace the current Academic Accounting Fellows. Donal Byard will return to Baruch College with the City University of New York, Susan Krische will return to the University of Illinois at Urbana-Champaign, and Roger Martin will return to the University of Virginia.

  • Deirdre Harris
    Richard Brody Named ACFE Educator of the Year
    news item posted August 23, 2012 by Deirdre Harris, tagged 2012, achievement, general news 
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    Richard Brody Named ACFE Educator of the Year
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    University of New Mexico Professor Richard Brody Honored at ACFE
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    The Association of Certified Fraud Examiners (ACFE) is hosting its annual conference in Orlando, FL this week.  One of the awards it will be handing out will go to University of New Mexico (UNM) professor Richard Brody who is to receive its Educator of the Year award.

    The award is presented to an ACFE Educator member who has made an outstanding contribution in anti-fraud education.  In a press release from UNM, Dr. Craig White, Chair of the Anderson Accounting Department at UNM said, “He [Brody] has created awareness and excitement among our students on the issue of fraud detection and prevention.”  Brody is preparing tomorrow’s accountants with the tools to not only be investigators of fraud, but also professionals that prevent fraud from occurring int he first place.

    UNM, located in Albuquerque, NM, is situated near the FBI’s Regional Computer Forensic Lab (RCFL).  The lab has proved to be a good learning opportunity for students that are part of the university’s Information Assurance program, a study in the area of computer forensics.  The curriculum, which consists of students from both accounting and management information systems, includes using computer programs to uncover fraud related to money laundering, analyzing digital forensics and developing systems to prevent fraud.

    “I’m all about prevention,” said Professor Brody in a recent interview.  ”At UNM we have a program where our students do an assessment of small non-profit organizations to evaluate their processes.  Our students are intimidated at first but they quickly realize that what they are learning here is applicable to these small operations.”  These nonprofit organizations could not otherwise afford such an in-depth assessment, nor could they afford the consequences of a fraud that could result in significant financial losses.  ”Our students analyze the processes, procedures and the information systems of the non-profit,” Brody said.  ”When they are done, the students feel more confident that they actually helped and the organization feels they received a valuable service.  When we first started the program I could hardly find a non-profit to participate, now we have to put them off for a semester or two until we can get to them.”

    Beyond non-profits, Professor Brody and others at UNM have worked to place their students with the FBI, Secret Service and other governmental agencies that battle white-collar crime.  ”For our accounting majors, it gives them a skill set that other accountants may not have with an accounting degree alone,” Brody explained.  ”Not everyone is cut out to be in law enforcement, but these students will be better equipped to perform audits and dig deeper with their questions when they get into the real world.”

    Some students do have a knack for crime fighting and UNM interns have worked with local and state law enforcement looking for and solving white-collar frauds.

    Congratulations to the University of New Mexico and Professor Brody.

  • Deirdre Harris
    Richard G. Brody Elected to ACFE Board of Regents
    news item posted January 22, 2013 by Deirdre Harris, tagged 2013, achievement, general news 
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    Richard G. Brody Elected to ACFE Board of Regents
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    UNM Accounting Professor Brody Elected to ACFE Board of Regents
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    The Association of Certified Fraud Examiners (ACFE), the world’s largest anti-fraud organization and premier provider of anti-fraud training and education, has announced that Richard G. Brody, Ph.D., CFE, CPA, has been elected to the ACFE Board of Regents.

    Brody is the Douglas Minge Brown Professor of Accounting at the University of New Mexico and a Daniels Fund Business Ethics Fellow. He is a prolific author and an expert on fraud, and was honored as the ACFE’s 2012 Educator of the Year.

    Brody and another newly elected regent, Bruce G. Dubinsky, M.S., CFE, CPA, will begin their two-year terms when they take office at the board’s Feb. 19-20, 2013 meeting at the ACFE headquarters in Austin, Texas.

    Elected by Certified Fraud Examiners (CFEs) worldwide, members of the ACFE Board of Regents are responsible for setting membership standards that promote professionalism and ensure the future of fraud examination as a whole. They have authority over the admission of members, continuing professional education and ethics requirements, and all other matters necessary to maintain the high standards of the ACFE.

    Brody earned his doctorate in accounting from Arizona State University and previously worked as a staff auditor for Deloitte Haskins + Sells as a cost analyst for Hewlett Packard and as a senior financial reporting analyst for Tandem Computers.

    Brody has authored or co-authored more than 80 refereed publications and has made more than 100 presentations at national and international conferences and seminars. He served on a panel, “It may be legal, but is it ethical?” at the 23rd Annual ACFE Fraud Conference & Exhibition, and has been on the editorial advisory committee for Fraud Magazine since 2007.

    Brody serves as an expert witness and has experience in both civil and criminal cases. He has worked with the U.S. Secret Service, the U.S. Department of Justice, the New Mexico Attorney General’s Office and the Second Judicial District Attorney’s Office in New Mexico.

    About the Association of Certified Fraud Examiners

    The ACFE is the world’s largest anti-fraud organization and premier provider of anti-fraud training and education. Together with nearly 65,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession. For more information about the ACFE, visit ACFE.com