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January 15, Thursday

Class today went too fast.

The major point of today’s class is that the public’s perception of accounting and accountants matters a great deal. Really.

The fate of accounting standards and auditing will be decided by people who either have very little knowledge of them, or else have much to gain by the demise of either. It is the mark of an educated person to be aware of what is happening.

Stereotypes, which don’t honor the person making the stereotypical judgment and belittle the person being judged, never-the-less, are a fact of life.

You might be interested in two essays at The Summa.  I wrote these as humorous pieces.  However, the first is partly serious–forensic accounting is considered to be sexy by accountants.

Now, moving on to IFRS. The first paper for the course is going to be on whether or not the U.S. should get rid of its GAAP in favor of IFRS. My views should be well known to you all. You will want to visit my blog to learn more about it.  You should read, by January 29, the arguments for keeping GAAP.  You should also read the complete copy of the Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers.

Finally, you should have completely memorized the form and structure of all four financial statements.  You need to have complete and immediate recall of all items.

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