From the President and an Announcement of the Appointment of an IAAER SAC During the Last Several Consult Committee

COSMOS: Accountancy Chronicle Volume 22 Number 1 2010

From the President and an announcement of the appointment of an IAAER SAC During the last several Consult Committee. I would like to express my appreciation to all months, IAAER has the IAAER institutional members that nominated representatives to • welcomed three new serve on this important committee that will communicate to Holly members to the Executive the ideas and concerns of their organizations so she can forward Committee and three new comments on to the IASB as appropriate during SAC meetings. institutional members Additional nominations from IAAER institutional members for appointed a SAC Consult this important committee are welcome. Committee • co-sponsored a joint In late January, IAAER had the privilege of co-sponsoring conference with the the Association’s second joint meeting with the International International Accounting Accounting Section of the AAA. The Palm Springs meeting Section of AAA was a major success and in line with our last joint meeting, AAA • announced the IAS had record attendance. Many thanks go out to Erv Black, recipients of research Victoria Krivogorsky and Pat Poli for coordinating the meeting grants sponsored by KPMG and the ACCA to inform the work and to KPMG for providing funding for the joint conference and of the IASB and IAASB, respectively additionally sponsoring an exceptional ‘bonus’ reception. One of • proceeded with planning the Association’s 2010 World the highlights of the Palm Springs meeting was the opening plenary Congress of Accounting Educators and Researchers and two session sponsored by IAAER that featured a panel of accounting co-sponsored conferences to be held during 2011 in Kolkata, standard setters including Mary Barth (IASB Academic Advisor), India and George, South Africa Jim Leisenring (IASB), Tom Linsmeier (FASB), and Tricia • launched a call for participation in a consortium to be held in O’Malley (Chair Canadian Accounting Standards Board). Bucharest during June • hosted a series of Roundtables addressing IFRS for SMEs in In addition to the standard setters panel members listed above, collaboration with ACCA Katherine Schipper, Holly Skaife, and Ian Hague joined IAAER • and again in collaboration with ACCA launched a series of VP Administration John Ahern and me in Palm Springs to provide Roundtables on Accounting for Climate Change. feedback to the five research teams presenting at the first deliverable for Round 3 of the IAAER KPMG grant program to inform the work This letter provides an update on these and other related IAAER of the IASB. This issue of COSMOS includes an announcement events and activities. of the grant recipients. I encourage each of you to consider attending sessions at the IAAER Singapore World Congress IAAER is thrilled to welcome Jeong-Bon Kim, Paul de Lange, where the teams will present their results to date. The third and and Themin Suwardy to the Association’s Executive Committee. last deliverable for the IAAER KPMG grant program will be held Jeong-Bon replaces Simon Ho as VP at Large Hong Kong during the spring of 2011 in conjunction with a joint meeting of Academic Accounting Association, and Paul replaces Bryan the IASB and FASB. IAAER greatly appreciates KPMG’s funding Howieson as VP at Large AFAANZ. Bryan presently serves as VP three rounds of this important endeavor to encourage research that Communications. Themin is overseeing Singapore Management informs the work of the IASB. Thanks also go out to Mary Barth, University’s role as host of the 11th IAAER World Congress of Katherine Schipper, and Holger Erchinger for joining me on the Accounting Educators and Researchers and in this capacity joins Program Advisory Committee. KPMG and IAAER are thrilled the Executive Committee as VP at Large World Congress. IAAER to announce that several papers from Rounds 1 and 2 of the grant is also very pleased to welcome our newest institutional members: program to inform the work of the IASB have been published in Taiwan Accounting Association, Japan Institute of International journals including The Accounting Review and The Journal of Accounting Education, and the Council of the Chamber of International Financial Management and Accounting (see http:// Financial Auditors of Romania. iaaer.org/research/KPMG_Round1.htm for more information).

This issue of COSMOS includes Holly Skaife’s report on meetings In January the ACCA, IAASB and IAAER announced the recipients of the IASB Standards Advisory Council (SAC) held during 2009 of four research grants to inform the work of the IAASB. The announcement is included in this issue of COSMOS. Those Many thanks are extended to Teresa Conover, Tony Kang, Ann of you attending ISAR in June 2010 in Singapore (for more Tarca, Themin Suwardy, and other members of the IAAER information visit http://www.isarhq.org/) are encouraged to World Congress planning committee and to our World Congress attend a special concurrent session where the four research teams Gold Sponsors: the ACCA, AICPA, and ICAS. IAAER also will present their results to date. IAAER greatly appreciates Hun appreciates the support of the Singapore Exhibition and Tong Tan and Ted Mock’s assistance in setting up the deliverable Convention Bureau. The call for papers expired on April 1, but at ISAR. The second deliverable for the grant program will be Tony and Anne will continue to accept submissions until early held during the spring of 2011 in conjunction with a meeting May and also welcome proposals for special panel sessions of the IAASB, and the last deliverable will be held at a mini- to be held during the concurrent sessions. The pre-conference conference in Europe during the fall of 2011. Many thanks go IFRS Teaching Workshop and IAESB grant program deliverable, out to the ACCA for funding this important grant program and to opening reception, and all plenary and concurrent sessions will Barry Cooper, David York, and Caroline Oades for representing be held at Singapore Management University. The closing the ACCA on the Program Advisory Committee. Special thanks gala dinner will be held at the IAAER conference hotel – the also go out to Arnold Schilder and James Gunn for assisting in Intercontinental Singapore. The Intercontinental is less than a the development of the grant program and for serving on the five minute walk from the World Congress venue at Singapore Program Advisory Committee. Other members of the Program Management University. Numerous restaurants and shopping Advisory Committee representing the IAASB include Jon Grant, facilities are adjacent to the Intercontinental. Please make your Susan Jones and Bill Kinney. Martin Hoogendoorn joins me in hotel reservations soon as the IAAER block is limited and the representing IAAER on the Committee. special IAAER rate expires August 1. Please visit the IAAER World Congress website http://congress.iaaer.org/default.htm for The last deliverable for the ACCA IAAER grant program more information about the conference hotel and for information to inform the work of the IAESB will be held immediately about special airfares offered by Singapore Airlines. World preceding the opening reception of the IAAER World Congress Congress registration will be available on the IAAER website in Singapore on November 4. All members of the IAESB will starting in May. attend the deliverable to be informed by the four research teams’ findings, and all IAAER members are welcome to attend (see Immediately following the IAAER World Congress ACCA announcement in this issue of COSMOS). IAAER very much and IAAER will host an early career researcher consortium in appreciates ACCA’s funding of this program and special thanks Kuala Lumpur (the location of the IFAC World Congress) on go out to Gary Sundem for coordinating the grant program and November 8. Additional information and a call for participation to Caroline Oades, Clare Minchington, Sylvia Meljem, David will be forthcoming on the IAAER website. IAAER institutional McPeak, and Barry Cooper for joining me on the Program members are invited to ‘sponsor a mentor’ for the consortium; Advisory Committee. IAAER also appreciates Mark Allison’s please contact me if you would like more information about participation in the program deliverables and for his arranging to sponsoring a mentor or participating in the consortium as an hold the IAESB’s meeting in conjunction with the IAAER World early career scholar. Congress. IAESB will host a symposium during the IAAER World Congress addressing its work and accounting education. KPMG will join ACCA and IAAER in sponsoring an early career Please monitor the IAAER website as the ACCA has agreed to researcher consortium in Bucharest on June 16th immediately fund a second round of research grants to inform the work of following AMIS 2010. A call for participation is included in this the IAESB and the call will be forthcoming soon. IAAER also issue of COSMOS. Mentors for the Bucharest consortium will very much appreciates Jim Sylph’s representing IFAC on the include David Alexander, Elizabeth Gordon, Allan Hodgson, IAAER Advisory Board and assisting the Association and ACCA Tony Kang, Anne Loft, Wolfgang Schultze, Donna Street, Lee in developing our grant programs to inform the work of IFAC’s Yao, and Stefano Zambon. Many thanks go out to Pavel Nastase, IAESB and IAASB. Catalin Albu, and Nadia Albu of the Bucharest Academy of Economic Studies and to Caroline Oades, Barbara Grunewald, Another reason to arrive early in Singapore for the IAAER and Andreia Manea of ACCA for their tremendous assistance in World Congress is to attend the IASCF IAAER IFRS Teaching planning and supporting the consortium. The 2010 consortium Workshop. The workshop (see announcement in this issue of represents the third event for early career researchers hosted by COSMOS) will precede the IAESB deliverable. Speakers will ACCA and IAAER in conjunction with AMIS. include Mike Wells, Mary Barth, Holger Erchinger, and Donna Street. The International Accounting Section of the AAA will Both the Kuala Lumpur and Bucharest consortia are part of join the IASCF and IAAER in hosting another IFRS Teaching ACCA and IAAER’s joint efforts to build research skill capacity Workshop featuring the aforementioned speakers and Erv Black in emerging economies. In conjunction with the consortia, ACCA during the CPE sessions held before the AAA annual conference and IAAER will launch a new research funding stream for new and in San Francisco this summer. emerging scholars intended to support small-scale projects and/

2 COSMOS Accountancy Chronicle or to assist in funding for large scale projects. More information greatly appreciates Robin Jarvis and Richard Martin’s role in the about the grants is provided in the call for participation for the planning and moderating the three IFRS for SME Roundtables Bucharest consortium. and Martin’s Hoogendoorn’s assistance with the Brussels Roundtable. ACCA and IAAER will soon issue a briefing report Annually IAAER aims to co-sponsor at least two conferences with on the Roundtables accompanied by a call for research informed the Association’s institutional members. Please visit the IAAER by the Roundtables. In the second report, Hal Rogero discusses website for information about our joint conferences with the the launching of a new series of ACCA IAAER Roundtables Indian Accounting Association Research Foundation to be held in addressing Accounting for Climate Change. Kolkata January 8-9, 2011 and the Southern African Accounting Association to be held in George June 26-29, 2011. Many thanks The IAAER Nominations Committee is now accepting are extended to Stefano Zambon for coordinating both these nominations for officers (term November 2010 through 2012). conferences on behalf of IAAER and to Bhabatosh Banerjee Please visit the IAAER website for more information and send and Dhrubaranjan Dandapat for taking the lead on the Kolkata your nominations to [email protected]. conference and to Marianne van Staden for taking the lead on the George conference. The IASCF and IAAER will offer another In closing, I would like to express my tremendous thanks to installment of our IFRS Teaching Workshop in conjunction with Kazuo Hiramtsu for inviting Sid Gray and me to conduct an the George conference. Speakers at the workshop will include IAAER session in conjunction with the September 2009 meeting Mike Wells and Mary Barth. A forthcoming issue of Accounting of the Japan Accounting Association. Please refer to Sid’s report Education: An International Journal will feature articles based included in this issue of COSMOS for more information about on the IASCF IAAER IFRS Teaching Workshops. the conference. Many thanks also go out to Toshifumi Takada for inviting Mary Barth in January and Mark Allison and me Stefano Zambon is also developing plans for an IAAER in February to participate in symposia in Tokyo hosted by the conference in Italy in collaboration with a new journal Financial Japan Institute of International Accounting Education. Please Reporting. The conference is tentatively planned for Fall 2011. refer to Toshifumi’s report on the symposia included in this issue Please consult the IAAER website for updates. of COSMOS.

Please refer to reports included in this issue of COSMOS to The IAAER Executive Committee greatly appreciates our learn more about Roundtables co-hosted by ACCA and IAAER. members’ support and encourages you to contact us with any In the first report, Robin Jarvis addresses a series of three suggestions on additional ways to serve IAAER members. I look Roundtables that the ACCA and IAAER hosted during 2009 and forward to seeing many of you in Singapore at the IAAER World 2010 addressing IFRS for SMEs in New York and Johannesburg Congress! (both in collaboration with KPMG) and in Brussels. IAAER —Donna Street

Vol. 22 No. 1 3 Table of Contents

IAAER Mem b er s IAAER Executive Committee ...... 5 Institutional Members ...... 6 University Members...... 8

Mee t i n g Mi n u t e s : Executive Council Meeting New York ...... 9 General Meeting New York ...... 13

IAAER Ne w s : New IAAER VP Announcements ...... 15 AAA IAS and IAAER meeting in Palm Springs ...... 16 IAAER/ACCA/KPMG New York Roundtable (IFRS, SMEs) ...... 17 IAAER/ACCA/KPMG Roundtable on Climate Change ...... 19 IAESB Report ...... 20 SAC Activity Report ...... 21 New SAC Consult Committee ...... 22 Symposium on Japan Schools of Accounting ...... 23 Japan Accounting Association ...... 24 AICPA Announcement...... 24

Aw ar d An n o u n c eme n t s : AE IAAER Awards 2009 ...... 24 IAAER/KPMG/IASB Grants ...... 25 IAAER/ACCA/IAASB Grant Winner Announcement ...... 26

IAAER Sp o n s o re d Co n f ere n c e s : IAAER/ACCA/KPMG Early Career Researcher Consortium Bucharest ...... 28 2010 World Congress of Accounting Educators and Researchers ...... 30 2010 World Congress Pre-Conference Events...... 31 10th IAARF International Accounting Conference: Global Financial Meltdown & Recovery: Changing Paradigm of Accounting & Finance...... 32 IAAER’s 2011 Southern African Accounting Association International Conference ...... 34

Co n f ere n c e s a n d Ca l l f o r Pa p er s : AMIS conference in Bucharest ...... 34 Call for Papers Academic Dishonesty ...... 35 Upcoming Events...... 35

Mar c h 2010 ׀ Co s m o s Ac c o u n t a n c y Ch r o n i c l e The IAAER web site is constantly All communication should be sent to: Lee H. Radebaugh, Publisher & Editor improving and finding ways to bet- COSMOS Accountancy Chronicle Bryan Howieson, Managing Editor ter serve members. The web site is a 360 Tanner Building Brian Maj, Editor valuable resource for networking and Brigham Young University Jill Mott, Editor for finding up-to-date conference Provo, Utah 84602 Sherstin Creamer, Designer announcements and calls for papers. Phone: 801-422-4368 Visit the website : www.iaaer.org Email:[email protected]

4 COSMOS Accountancy Chronicle IAAER Executive Committee 2009-2011

Of f i c er s Bo ar d o f Ad vi s o r s President Donna Street University of Sydney Sidney Gray (Chair) VP - Administration John Ahern DePaul University Belverd E. Needles VP - Finance Begoña Giner (Vice-Chair & Sec- retary) VP - Education Gary Sundem International Accounting Michael Wells VP - Practice Martin Hoogendoorn Standards Committee Foundation VP - International Conferences Stefano Zambon Association of Chartered Certified Michael Walsh VP - Research Günther Gebhardt Accountants VP - Communications Bryan Howieson Japanese Association for Kazuo Hiramatsu International Accounting Studies VP - Membership Lesley Stainbank International Federation of Jim M. Sylph Immediate Past President Serge Evraert Accountants KPMG LLP Holger Erchinger Vi c e Pre s i d e n t s -a t -l ar g e International Accounting Standards Mary E. Barth Ex Of f i c i o Mem b er s Board Liaison Accounting Education: Richard M.S. Wilson Accounting and Finance Association Paul de Lange an international journal of Australia & New Zealand JIFMA: The Journal of Elizabeth A. Gordon Brazilian Association for Accounting Fábio Frezatti International Financial Graduation Programs Management and Accounting VP - World Congress Themin Suwardy COSMOS Accountancy Chronicle Lee Radebaugh Experts Accountants Association of Recep Pekdemir IASB Standards Advisory Council Holly Ashbaugh Turkey Skaife Mexican Association of Accounting Salvador Ruiz-de- and Business Faculty Chavez Hong Kong Academic Accounting Jeong-Bon Kim Association Southern African Accounting Marianne van Staden Association

Vol. 22 No. 1 5 Institutional Members (as of 4.21.10)

Pr o f e s s i o n a l Bo d ie s Co u n t r y American Institute of Certified Public Accountants (AICPA) USA Arab Society of Certified Accountants Egypt Associação de Docentes de Contabilidade do Ensino Superior (ADCES) Portugal (Association of Professors of Accounting in Higher Education) Association of Accountants and Auditors "Sodruzhestvo" Russia Association of Certified Public Accountants of Britain (ACPA) UK Association of Chartered Certified Accountants (ACCA) UK Association of International Accountants (AIA) UK Association of National Accountants of Nigeria (ANAN) Nigeria Canadian Institute of Chartered Accountants Canada Certified General Accountants Association of Canada (CGA Canada) Canada Chamber of Financial Auditors of Romania Romania Chartered Institute of Management Accountants (CIMA) UK Collegium of Auditors Kazakhstan CPA Australia Australia Federacion Argentina de Consejos Profesionales de Ciencias Economicas (FACPCE) Argentina (Argentina Federation of Professional Councils in Economic Sciences) Federation des Experts Comptables Europeens (FEE) Belgium Hong Kong Institute of Certified Public Accountants China Indian Accounting Association (IAA) India Institute of Certified Public Accountants in Ireland Ireland Institute of Chartered Accountants in England and Wales (ICAEW) UK Institute of Chartered Accountants of Scotland (ICAS) UK Institute of Management Accountants (IMA) USA National Association of State Boards of Accountancy (NASBA) USA National Institute of Accountants (NIA) Australia New Zealand Institute of Chartered Accountants New Zealand Royal NIVRA Netherlands Society of Certified Public Accountants India South African Institute of Professional Accountants South Africa Türkiye Muhasebe Uzmanlari Dernegi (Expert Accountants' Association of Turkey) Turkey Yektatadbir Auditing Institute Iran

6 COSMOS Accountancy Chronicle Institutional Members (as of 4.21.10)

Ac a d emi c Bo d ie s Co u n t r y Academy of Accounting Historians USA Accademia Italiana di Economia Aziendale (AIDEA) (Italian Academy of Business Economics) Italy Accounting and Finance Association of Australia & New Zealand (AFAANZ) Australia Asociación de Profesores de Contaduría y Administración de México A.C. (APCAM) Mexico (Mexican Association of Accounting and Business Faculty) Asociación Española de Contabilidad y Administración de Empresas (AECA) Spain (Spanish Association of Accounting and Business Administration) Associação Nacional dos Programas de Pós-Graduação em Ciências Contábeis (ANPCONT) Mexico (National Association of Graduate Programs in Accounting) Association Francophone de Comptabilité (French Association of Accounting) France Association of Accounting And Finance Academicians (AAFA) Turkey Association of African Academic Accountants Zimbabwe British Accounting Association UK Chamber of Financial Auditors of Romania Romania Consiglio Nazionale dei Dottori Commercialisti ed Esperti Contabili (CNDCEC) Italy (National Board of Accountants and Chartered Accountants) Hong Kong Academic Accounting Association Ltd. China Indian Accounting Association Research Foundation (IAARF) India Iranian Accounting Association Iran Japan Accounting Association (JAA) Japan Japan Institute of International Accounting Education Japan Japanese Association for International Accounting Studies Japan Korean Accounting Association Korea Malaysian Accountancy Research and Education Foundation (MAREF) Malaysia Società Italiana di Storia della Ragioneria (SISR) (Italian Society of History of Accounting) Italy Southern African Accounting Association South Africa Taiwan Accounting Association China

Welcome New IAAER Institutional Members:

The IAAER extends a warm welcome to the two newest Institutional Members: Taiwan Accounting Association and Chamber of Financial Auditors of Romania.

Vol. 22 No. 1 7 University Members (as of 4.21.10)

Autonomous University of Madrid Singapore Management University Bucharest Academy of Economic Studies Susquehanna University California State Polytechnic University Pomona Texas State University San Marcos California State University, Fullerton Universidad ORT Uruguay Central Michigan University Universitäet Muenster Charles Sturt University Université Paris-Dauphine College of Saint Benedict/Saint John’s University University of Akron College of William and Mary University of Dayton Deakin University University of Hawai’i at Manoa DePaul University University of Houston Clear Lake Drexel University University of Illinois at Urbana-Champaign Goethe-Universität University of Montana Grand Valley State University University of North Texas HEC Montréal University of Pretoria Hong Kong University of Science & Technology University of Southern Queensland Instituto Tecnologico Autónomo de México (ITAM) University of Stirling Kennesaw State University University of Sydney Louisiana State University University of Texas at Austin Miami University University of Toledo Missouri State University University of Erlangen-Nuernberg Nanyang Technological University University of Washington Nanjing University Victoria University of Melbourne Nigerian College of Accountancy Victoria University of Wellington North Carolina State University Winthrop University San Diego State University Xiamen University Siena College Yunnan University of Finance and Economics

8 COSMOS Accountancy Chronicle Meeting Minutes: Executive Committee Meeting - New York

August 4, 2009 American Accounting Association Annual Meeting Sheraton New York (Liberty 1 & 2, 3rd Floor)

The meeting was called to order at 12:30pm by Donna Street. In attendance were John Ahern, John Christensen, Elizabeth (Betsy) Gordon, Bryan Howieson, Recep Pekdemir, Gary Previts, Lee Radebaugh, Salvador Ruiz de Chavez, Holly Ashbaugh Skaife, Donna Street, Gary Sundem, Marianne van Staden and Richard M.S. Wilson. David Cairns joined the meeting to discuss possible IAAER/World Bank collaborations. Mary Barth joined the meeting to discuss the IASB.

Proposed Constitutional Change The Executive Committee (EC) discussed AAA meetings were held in the Sheraton in Central Park, New York City. a proposed constitutional change and the election of Barth as a VP at Large. The EC Mary in this role. The IAAER Advisory Administrative Report had, by a strong majority, approved both Board fully supports the appointment Ahern reported that Brian Maj has made via email voting, thereby agreeing to call (they had discussed via email and at their a number of improvements to the IAAER a vote on both issues as the forthcoming meeting the day before). The EC agreed website. The website now reports the General Meeting. that adding some flexibility by adding calendar of events of affiliate institutions, two VP at Large positions that could be IAAER Committee listings, homepage Presently: held by organizations with which IAAER news, AE table of contents, and elaboration Article IV, Para. 1, Section ix: “….and affiliates was a good move. of the current and historical research grant up to eight Vice-Presidents at-large, proposals. representing Academic Accounting Presently VPs at Large must represent Associations.” Academic Associations. Street thanked A new function has been created by the EC for their support of the proposed having members select their country of Proposed Change: constitutional change and ballot to elect origin from a drop down menu rather than “…and up to eight Vice-Presidents at- Barth as VP at Large. The membership typing it in manually. This allows IAAER large representing Academic Accounting vote would be taken at the General to track the membership by country and to Associations and up to two Vice- Meeting later in the day. The proposed ensure the accurate reporting of country Presidents at-large assigned special constitutional change and General Meeting of origin. This has corrected an ongoing responsibilities.” agenda (which included the ballot) had issue of members entering variations of previously been posted to the IAAER country name spelling or official names. Following the conclusion of her term on website for member review as required by Invoicing processes have been improved. the IASB, Mary Barth was appointed a the constitution. Significant transaction amounts, are ‘consultant’ to the IASB and among other regularly invoiced and received for project things was assigned to be the Board’s Approval of EAA EC Minutes collaborations with the ACCA, KPMG, academic liaison. As part of this role, Ahern requested members of the EC to World Bank, and others. Maj is adding a Barth will be the IASB/IASCF liaison read the minutes of the EC meeting of feature to generate one-time invoices on to the IAAER and attend IAAER EC May 15, 2009 in Tampere, Finland. Two the web that notify parties of amounts meetings. Barth is willing to formalize this edits were suggested and the minutes due for specific projects. This improves relationship and serve as an IAAER VP at were approved subject to the changes the timeliness of tracking IAAER related Large. The IASCF has agreed to support being made. business invoices and activities.

Vol. 22 No. 1 9 Meeting Minutes: continued

Members of all IAAER committees unrestricted fund balance of $159,090.33. mechanism for the IASB’s due process are now listed at www.iaaer.org/about/ Ahern recommended, and the EC in unusual circumstances. In addition, committees.htm. approved, a bonus for Maj. Maj had the SAC provided comments on the worked several extra hours to help prepare consistency of application of IFRSs and the Ahern reported that Maj has been for the EC meeting and complete other need for a project on other comprehensive working with Street on content and is in projects. A question was asked about the income (OCI) as the financial statement the process of designing a professional number of hours Maj would likely work presentation project as originally written brochure describing the benefits of IAAER going forward; discussion followed. does not address OCI. Skaife also stated membership which will be distributed that the SAC supported the completion soon to all EC members and partner IASB Standards Advisory Council of the conceptual framework project on a organizations for distribution at various, Report timely basis. events, meetings, conferences and other Hollis Ashbaugh Skaife gave an overview venues. of the composition and activities of the Skaife will observe a meeting of the newly reconstituted Standards Advisory Monitoring Board this October in NY. Maj has established a regular schedule Council (SAC) of the IASB. The objective Street, who may be in NY at this time, of communicating announcements to all of the SAC is to give advice to the IASB, indicated she will also try to observe the active IAAER members on the first of and occasionally the IASCF Trustees, on open meeting. each month. This is conducted using an its key strategic issues and major standard e-mail merge with all active members. setting projects, and promote the use of IAESB Report and ACCA/IAAER/ Maj hopes to have an automated contact IFRSs. IAESB Deliverable Update system soon which would allow IAAER Sundem reported that the IAAER/ to enter HTML announcements into the The SAC is made up of 48 members ACCA/IAESB research projects are well administrative web portal, then send these representing market regulators and underway. Three of the four teams will to all active members. international professional organizations, make presentations on Wednesday, August financial statement users, accounting 5, 8:30am –noon at IFAC Headquarters, Ahern reported membership totals as of professionals, accounting standard 545 Fifth Avenue, 14th Floor, New York June 30, 2009. IAAER has approximately setters, financial statement preparers, and City. All IAAER EC members are invited 2000 individual members, 50 institutional academia. IAAER holds the only academic to attend and participate. Copies of the members, and 50 university members. seat and is represented by Skaife. interim reports will be available on-site. IAAER membership represents 62 unique countries. Skaife indicated that much of the first Sundem stated that one team has been meeting, held in February, was spent delayed by data-gathering problems and Ahern distributed a listing of both reviewing and discussing the role of will submit a written report by year-end universities and Institutions that had the SAC in the IASB’s standard setting and will definitely present at the EAA not yet paid their 2009 membership process. One outcome of this meeting was meetings in Istanbul in May, 2009. The dues. He asked members of the EC to the appointment of an Agenda Committee other teams have the option of presenting contact representatives of institutions and that would promote the involvement at that time. Pekdemir is organizing the universities that had not renewed yet in of the SAC in relevant standard setting Istanbul EAA meeting and has arranged for 2009 to encourage them to renew. issues. Other topics addressed in the the IAAER teams to be on the program. first meeting included an overview of the Ahern next distributed IAAER financial IASB’S work plan, The IASB’s activities The IAESB has been extremely supportive information for the six month period related to the financial crisis, the status of the projects. The first deliverables, ending June 30, 2009. These reports of the Memorandum of Understanding presented in Munich in February, were indicated that cash disbursements (MoU) as part of the convergence with US video-conferenced back to IFAC in New ($114,753.37) exceeded receipts GAAP, and a technical presentation on the York, and the IAESB’s Consultative ($111,124.87) by a small amount. In Financial Statement Presentation project. Advisory Board actively participated in part this was due to the final payouts for the discussion. Round 2 of the KPMG grant program in At the second SAC meeting, held in March. The cash balance in all accounts June, Skaife noted there were updates The IAESB’s most recent meeting was in totaled $206,230.81, of which $47,140.48 and discussions devoted to the IASB’s NY in June. The main item of business of was restricted under the terms of various work related to the financial crisis and the interest to IAAER is the Board’s Strategic grants (ACCA & KPMG), leaving an potential development of a “fast-track” Plan for 2010 – 2012. The IAESB

10 COSMOS Accountancy Chronicle Meeting Minutes: continued proposes to undertake three high-priority had recently circulated a detailed report recruiting. IAAER will attempt to arrange a activities, beginning in 2010. These are: on IAAER recent activities to the EC for meeting with members of the Nominations review. After the EC reviewed the report, Committee of the Trustees of the IASCF • Conducting a revision of the IESs, Street had submitted it to the IAAER and offer our assistance in identifying considering results of the IAESB’s Advisory Board. Items covered in the qualified candidates for a forthcoming drafting conventions project report included, but were not limited to, IASB position. IAAER will work with its and recent developments in the academic institutional members to do all accountancy profession; • KPMG/IAAER/IASB and ACCA/ the Association can to aid this process by • Developing implementation IAAER/IAASB calls. encouraging highly qualified academics guidance in areas of measureable • IASCF/IAAER IFRS Teaching and to apply. Street will draft a letter and send implementation of the IESs, Research Workshops to the IASCF within the next few weeks competency frameworks, and quality • 2010 World Congress in Singapore offering IAAER’s assistance. control measures for education • ACCA MOU programs providers; and • June 2009 consortia Bucharest Scheduling of IAAER Executive • Promoting greater awareness among and Sao Paulo. Committee Meetings at AAA and EAA academics, regulators, and others of • 2010 consortia Istanbul Previts addressed scheduling conflicts the IAESB’s pronouncements and • 2009 Roundtables IFRS for which have occurred in recent years when its role in advancing international SMEs the EC Meeting and the General Meeting debate on emerging issues relating • 2010 Roundtables likely on of IAAER have been held concurrently to development and assessment of carbon accounting with the annual meeting of AAA. Street professional accountants. noted that because the amount of activities IASB Update of IAAER has expanded greatly in recent Sundem encouraged everyone to submit Barth discussed her responsibilities as years, the EC will need to begin meeting comments on the plan. Interested parties the IASB Liaison with the academic for at least a full day in connection with can comment on-line at www.ifac.org/ community and her work. the Association’s meetings held each year Guidance/EXD-Outstanding.php. More in conjunction with the AAA and the EAA. information is available at http://www. Barth reported that earlier in the day, she, She also reminded those in attendance ifac.org/MediaCenter/?=node/view/655. Sir David Tweedie, Donna Street, Sid that an agreement had been made with the Comments on the exposure draft are Gray (IAAER Advisory Board Chair), EAA and AAA years ago to always meet requested by October 5, 2009. One area and Kauzo Hiramatsu (IAAER Advisory in connection with their annual conference in which comments would be especially Board) met to discuss the issue of academic to enhance collaborations. helpful is a prioritization of standards for representation on the IASB given her revision – e.g. which are in most need of recent departure from the Board. Based It was agreed that, in the future, the IAAER revision immediately. on a list developed during this meeting by EC Meeting will be held on the Thursday those in attendance, she described some following the conclusion of AAA, and in At its next meeting, the IAESB is likely of the qualities a potential Board member 2010 it will be a full day meeting. Street to finalize the “Proposed Framework should likely possess. The candidate thanked the AAA Executive Committee for International Education Standards should among other things have a practice for discussing this issue and assisting in for Professional Accountants.” Karen focus, technical knowledge of IFRS, be arriving at the best possible solution. Pincus has led the effort to develop this collegial, and have a solid knowledge of framework. You can see a draft of the the relevant academic literature. Also of Christenson will contact Aileen Pierce proposed framework and comment letters great importance is to consider fit with to discuss scheduling of the IAAER EC at http://www.ifac.org/Guidance/EXD- the geographical distribution set out in in conjunction with the 2010 annual Details.php?EDID=0120. After extensive the IASCF constitution. In the next two meeting of EAA. Street had asked Pierce discussion at the June meeting, a final years, academics should consider that to consider what timing would be best draft of the framework is being developed representatives from North America, for the EAA leaders during the May EC for the Board’s October meeting. Australia, and South Africa will roll off meeting in Tampere but there had been no the IASB. Barth reported that the IASB follow-up. Similar to the situation with President’s Updates will expand to 16 members in 2011. AAA, several IAAER EC members also Given the importance of devoting hold leadership positions with the EAA. substantial time to the IASB update and Barth pointed out that the process of World Bank updates, Street deferred recruiting IASB members is on-going— World Bank Collaborations discussion of several items. However, she the Trustees are always considering Cairns described two projects where the

Vol. 22 No. 1 11 Meeting Minutes: continued

World Bank and IAAER plan to work has no editorial control. However, Street noted that Choi was very pleased together. The first is to offer annual several current and past members of with Gordon’s effort and excited about the networking sessions for senior faculty the IAAER EC represent IAAER on quality of papers forwarded to him. in the new EU states and candidate the AE Editorial Board and IAAER states. The project was kicked off with VP Education Sundem serves as the Board of Advisor Recommendations a roundtable and reception hosted by IAAER Editorial Advisor to AE. Street provided some feedback on her IAAER and the World Bank during the meeting with the AB on Tuesday. The EAA meeting in Tampere. The first • Each year the British Accounting Nominating Committee will soon be networking sessions are targeted for 2010. Association’s Special Interest formed and a call for nominations will Earlier in the day Cairns had meet with Group (BAA-SIG) on Accounting go out in the next several months. EC Street, Barth and Skaife. They tentatively Education provides a prize for the members will be asked to prepare an agreed that IAAER would be willing to best paper published in the previous activity report prior to our next meeting at assist the World Bank in its assessment of year’s volume of AE. The winners EAA. The report will be shared with the IFRS implementation by developing an for AE Volume 17 (2008) are: Grant Nominations Committee. academic project to complement the Bank’s Samkin and Graham Francis (both traditional ROSC assessments. Barth and of the University of Waikato, New Street also reported that the AB accepted Skaife will help design a research project Zealand at the time their paper the EC’s rationale for not restructuring as to assess IFRS implementation in Poland. was published) for their paper: a Federation. The research will be conducted under the “Introducing a Learning Portfolio IAAER banner and the research team will in an Undergraduate Financial The EC and AB are in agreement that include Polish academics. Hopefully the Accounting Course” which appeared IAAER eventually have an Executive research model will later be utilized in in AE 17(3), September 2008, pp Director. However, the AB understands other countries. 233-271. The electorate for this that funds are not presently sufficient to award is AE’s Editorial Advisory hire a qualified person full time. The AB COSMOS Board (on which the IAAER is accepts the EC’s recommendation that Radebaugh reviewed current activities represented by Giuseppe Galassi, a good interim step would be to appoint of the COSMOS editorial team and cited and Lesley Stainbank (with Serge a Director of Research and Education upgrades that have occurred. He invited Evraert, Simon Ho, Bel Needles, Programs on a year-to-year basis. One members of the EC to suggest possible Recep Pekdemir and Salvador Ruis- option discussed with the AB (following additions or deletions from the draft issue de-Chavez also being members). up on EC discussions at Tampere), which of COSMOS that he distributed for the the Board was open to, is to buy out time Committee’s review. Street reminded Themed issues awaiting publication are: from an university for the Director. Two that going forward COSMOS will include • Enhancing Generic Skills in options were discussed by the EC (a an IAESB update by Sundem and a SAC Accounting professor emeritus compensated part-time update by Skaife. • The Interface Between Academic or buying out time of an endowed chair / Education and Professional Training senior full professor from an university). Accounting Education an international for Accountants journal The Director must have the skills to Wilson reported on current and future Themed issues under development are: coordinate IAAER’s growing grant developments at Accounting Education: • Audit education programs, consortia, etc and have fund • The minutes of the last meeting were • Developments in Accounting raising ability. The EC agreed that it would corrected: There were 4 regular Education in the Orient be desirable to see the first appointment issues of AE each year (with an • Liberalising the Accounting in 2010. Street will appoint a small occasional Supplement) from 1992 Curriculum committee to address this issue. Street to 2008. In 2009 there will be five • Teaching IFRS reminded everyone about the importance regular issues, and from 2010 there of attending the General Meeting and the will be six regular issues each year JIFMA reception for Institutional and University – one of which will be devoted to Gordon reported that 23 papers were members. teaching resources. submitted for the “fast track” process from the Munich conference. Approximately The meeting was adjourned at 4:00pm and • Wilson noted IAAER provides no half of these were passed on to Fred the EC members moved to the General financial resourcing to support AE, Choi to be considered for publication in Meeting. carries no commercial risk, and JIFMA. —John T. Ahern Jr.

12 COSMOS Accountancy Chronicle Meeting Minutes: General Meeting - New York

IAAER membership represents 62 countries.

IASB Standards Advisory Council Report

Hollis Ashbaugh Skaife gave an overview of the composition and activities of the newly reconstituted Standards Advisory Council (SAC) of the IASB. The objective of the SAC is to give advice to the IASB, and occasionally the IASCF Trustees, on key strategic issues and major standard setting projects, and promote the use of IFRSs. IAAER holds the only academic seat on SAC and is represented by Skaife.

Skaife described the activities at the first meeting. One outcome was the Aerial view of Central Park, New York City. appointment of an Agenda Committee that would promote the involvement of the SAC in relevant standard setting issues. August 4, 2009 • IASCF/IAAER IFRS Teaching and Research Workshops At the second meeting, held in June 2009, International Association for • 2010 World Congress in Singapore Skaife noted discussion of the financial Accounting Education and Research • ACCA MOU Programs crisis and thus the potential development General Business Meeting Minutes • June 2009 consortia Bucharest and of a “fast-track” mechanism for the IASB’s Sao Paulo due process in unusual circumstances. Sheraton New York (Central Park East, • 2010 consortia 2nd Floor), U.S.A. • 2009 Roundtables IFRS for SMEs Skaife will observe a meeting of the • 2010 Roundtables likely on carbon Monitoring Board and testify at a The General Meeting was called to order accounting Constitutional Review Roundtable of the by President Donna Street at 5:00pm on IASCF Trustees during October in New August, 4, 2009 in the Central Park East Administrative Report York. Room of the NY Sheraton Hotel. Ahern reported that Brian Maj had IAESB REPORT and ACCA/IAAER/ Street welcomed everyone and summarized made some improvements to the IAAER IAESB Deliverable Update a productive year for IAAER. website. The website now includes IAAER Committee listings, homepage news, Sundem reported that the IAAER/ President’s Report AE table of contents, and information ACCA/IAESB research projects are well on current and historical research grant underway. Sundem reported that the Street recently circulated a detailed report programs. IAESB and IFAC have been extremely on IAAER activities to the Executive supportive of the projects. Committee (EC) to review. After the EC Members of all IAAER Committees reviewed and approved the report, Street are now listed at www.iaaer.org/about/ Early Scholars Program submitted it to the IAAER Advisory Board. committees.htm Items covered in the report included, but Pekdemir next described plans for the were not limited to, Ahern reported membership totals as of Early Scholars Program to be help in June 30, 2009. IAAER has approximately Istanbul. • KPMG/IAAER/IASB and ACCA/ 2000 individual members, 50 institutional IAAER/IAASB calls members, and 50 university members.

Vol. 22 No. 1 13 COSMOS • Liberalizing the Accounting Academic Accounting Associations Radebaugh reviewed current activities of curriculum and up to two Vice-Presidents at-large the COSMOS Editorial Team and cited • Teaching IFRS assigned special responsibilities.” upgrades. He invited those in attendance to suggest possible additions or deletions JIFMA Following discussion among those present from the draft issue of COSMOS that a motion to approve the change was made he distributed. Street noted that going Gordon reported that 23 papers were by Wilson and seconded by Howieson. forward COSMOS would include an submitted for the “fast-track” process from IAESB update by Sundem and a SAC the Munich conference. Approximately ½ The motion passed unanimously. update by Skaife. of these were passed on to Fred Choi to be considered for publication in JIFMA. It was then proposed that Mary Barth ACCOUNTING EDUCATION an be elected to serve as an IAAER VP at- international journal PROPOSED CONSTITUTIONAL Large. In this role Barth would be the CHANGE IASB/IASCF liaison to the IAAER and Wilson reported on current and future attend IAAER EC meetings. The proposal developments at Accounting Education. Street then introduced the following had the support of the IAAER Advisory He reported that themed issues awaiting proposed constitutional change (which and had been approved by the IAAER publication include: had been posted to the IAAER website for Executive Committee previously. review prior to the meeting) and requested • Enhancing Generic skills in a vote of those present at the General Following discussion among those present Accounting Meeting a motion to elect Barth as VP at Large was • The Interface Between Academic made and seconded. Education and Professional Training Presently: for Accountant The motion passed unanimously. Article IV, Para. 1, Section ix: “and up to Other themed issues under development: eight Vice-Presidents at-large, representing The meeting was adjourned at 6:00pm Academic Accounting Associations.” • Audit education —John Ahern • Developments in Accounting Proposed Change: “…and up to eight Education in the Orient Vice-Presidents-at-Large representing

14 COSMOS Accountancy Chronicle IAAER News: New IAAER VP World Congress – Themin Suwardy

Programme Director at School of Accounting Education Standards for Accountancy, Singapore Management his project on the role of Continuing University. Prior to joining academia, Professional Development in Life Long Suwardy was an auditor with KPMG Peat Learning. Marwick. At SMU, he is currently a faculty in the Bachelor of Accountancy, Master Suwardy is actively involved in various of Professional Accounting, Master of committees of the Institute of Certified Science in Applied Finance and Master of Public Accountants of Singapore Business Administration programmes. (ICPAS) and CPA Australia. He serves as an elected Councilor on the Singapore Besides his teaching and administrative Divisional Council of CPA Australia and duties at the University, Themin is the chairs its Joint University Committee, and faculty champion of a number of SMU IT is a Governor of the Institute of Internal projects, notably “Virtual Canvas” (MIS Auditors (Singapore). Asia’s 2006 Best IT Enabler in Education) and “SMU e-Communities”. Suwardy has also conducted a number of talks and courses for CPA Australia, He has created many e-learning objects Singapore Institute of Directors, Singapore in Accounting and was a recipient of the Airlines, Singapore Accountant General’s IAAER members please join us in 2004 Hewlett-Packard Mobile Technology Department, and National Institute of welcoming Dr. Themin Suwardy as for Teaching Grant Initiative. At SMU, Education. His main research areas include Vice President-at-Large for the World he received the School of Accountancy’s financial reporting and analysis, corporate Congress of Accounting Educators and 2005 Outstanding Teacher, 2006 SMU governance, accounting education with Researchers. Most Innovative Teacher awards, 2008 emphasis on technologically-enabled Best MBA Teacher (Core) award. He pedagogy. Suwardy PhD is the Associate Dean recently won an IAAER/ACCA Grant (Curriculum and Teaching) and MPA Program for Research on International

IAAER News: New IAAER VP Accounting and Finance Association of Australia & New Zealand – Paul de Lange

IAAER members please join us in He has co-authored three accounting text an International Journal and has won over welcoming Dr. Paul de Lange as Vice books which are used in university and $250,000 in external research grants in President-at-Large Accounting and Tafe colleges. He has published over 30 the last 2 years. Finance Association of Australia & New refereed publications and as a regular Zealand. visitor abroad has presented papers at Paul is known for his public speaking and numerous international and national conference presence, as an example, in Paul was awarded his PhD from Monash conferences. 2007 he has the honour of being the invited University and is currently an Associate Visiting Guest Speaker (to give a plenary Professor in the Department of Accounting Paul is career teacher and academic who address) at the 2007 British Accounting and Law at RMIT University. enjoys teaching and understands the Association SIG on Accounting Education relationship between inquiry and improved Annual Conference. He has 25 years of teaching experience student learning. He is a member of the in both the Tafe and University sectors. editorial board of Accounting Education:

Vol. 22 No. 1 15 IAAER News: New IAAER VP Hong Kong Academic Accounting Association – Jeong-Bon Kim

Faculty of Business, The Hong Kong International Journal of Accounting, Polytechnic University, where he served Review of Quantitative Finance and as Head for the (then) Department Accounting, Pacific- Basin Finance of Accountancy and Associate Dean Journal, and Journal of International (Postgraduate Programmes and Research) Accounting Auditing & Taxation. for the Faculty of Business, with a concurrent appointment as Acting Head for He has served on the editorial boards the School of Accounting and Finance. of two leading accounting journals, Contemporary Accounting Research Professor Kim began his full-time (CAR), and Auditing: A Journal of teaching career as an Assistant Professor Practice and Theory (AJPT), and is of Accounting at Syracuse University currently an Associate Editor of Journal of (Syracuse, NY). He also taught at Seoul Contemporary Accounting and Economics National University (Korea) on a visiting and China Journal of Accounting basis. Professor Kim obtained BBA Research. and MSc degrees from Seoul National University. He received his Ph.D. degree He was the Chief Editor of China with major in Accounting and minor Accounting and Finance Review. IAAER members please join us in in Economics from Temple University Professor Kim also served as an ad hoc welcoming Professor Jeong-Bon Kim (USA). Associate Editor for CAR and AJPT. as Vice President-at-Large Hong Kong He received large-scale research grants Academic Accounting Association. Professor Kim has published numerous from the Social Sciences and Humanities articles, or had them accepted for Research Council of Canada for his Professor Jeong-Bon Kim is currently publication, in leading academic journals interdisciplinary research projects titled Chair Professor of Accountancy with in the areas of accounting and finance, “Corporate Governance, Information concurrent appointment as Head of including The Accounting Review, Journal Structure and Cost of Capital: A Cross- the Department of Accountancy, City of Financial Economics, Contemporary country Comparison,” and “Advertising University of Hong Kong. Prior to joining Accounting Research, Auditing: A Expenditures, Information Intermediation, the City University of Hong Kong faculty, Journal of Practice & Theory, Journal of and Costs of Equity and Debt Financing Professor Kim worked as a Canada Accounting and Public Policy, Journal of around the World.” Research Chair (Tier 1) in Corporate Corporate Finance, Journal of Accounting Governance and Financial Reporting at Auditing and Finance, Journal of Business He has supervised many Ph.D. students John Molson School of Business (JMSB), Research, Journal of Business Finance and a postdoctoral fellow who are Concordia University, Montreal, Canada. & Accounting, Journal of Multinational currently teaching business schools in Financial Management, Accounting and major universities in Canada and China. He also worked for many years at the Business Research, Journal of International School of Accounting and Finance, the Financial Management and Accounting,

IAAER News: AAA IAS Meeting in Palm Springs

A joint meeting of the International even better. We had presentations from Several of the BYU faculty were presenters Accounting Section (IAS) of the members of the IASB and FASB, as well at the meeting including: F. Greg Burton American Accounting Association as the IFAC and IAESB, on issues relating and Ervin L. Black. Erv Black serves and the International Association for to international accounting, auditing, as the IAS President. He worked closely Accounting Education and Research and education. In addition, there was a with the IAAER President, Donna Street, (IAAER) was held in Palm Springs, CA doctoral and new faculty consortium for University of Dayton, to organize this on January 28-30. The weather was great academics entering the profession who joint meeting. and the meetings and presentations were are interested in international accounting. —Erv Black

16 COSMOS Accountancy Chronicle IAAER News: IAAER/ACCA/KPMG Roundtables (IFRS, SMEs)

The Value of Financial Reporting to SMEs

The two major issues that are currently being debated in every jurisdiction are fair value accounting and the value of financial reporting by SMEs. The second issue has become important in recent years due to the growing recognition of their contribution to the global economy. Therefore, the commissioning of three roundtables on the value of financial reporting by SMEs in 2009/10 by the IAAER and ACCA was both timely and relevant.

The roundtables were held in New York, Brussels and Johannesburg. This choice gave rise to an interesting spread of financial reporting issues in the USA, EU and South Africa, reflecting different cultural, legal, social and economic dimensions. It is also important to acknowledge that Robin Jarvis and Donna Street at roundtable in NY. the users of SME financial reports and their needs are likely to differ according is the absence of published data or a was commented that to some extent the to how SMEs are defined and how size complete and up-to-date sampling frame. adoption of the IFRS for SMEs in the is concentrated in the population. The The discussion in New York focused on USA will depend on convergence with participants in the roundtables included what was described as private companies, full IFRSs. From a user perspective, the the following stakeholder groups: users, which are unlisted companies. In the USA IFRS for SMEs was seen as a helpful preparers, regulators, academics and the there is no regulatory requirement for introduction, but some participants were accounting profession. unlisted companies to publish financial wary of the reduced disclosure compared reports. This was in contrast to SME to US GAAP and full IFRSs. The purpose of the roundtables was companies in the EU and South Africa, to identify researchable issues for a where there is a statutory requirement to The focus of the debate in the Brussels future IAAER and ACCA project. The publish general purpose financial reports. roundtable differed considerably. Here introduction to each roundtable included the focus was on the EU Accounting a summary of previous research on The private companies that attracted most Directives, the need to update them and financial reporting by SMEs based on an attention in the debate were the larger their compatibility with the IFRS for analysis by Brigitte Eierle, Professor of entities, which more frequently produce SMEs. The discussion also included an Accounting at Bamberg University. This special purpose financial reports for examination of whether the IFRS for SMEs highlighted the lack of studies in this lenders and credit rating agencies. Such met the needs of users of financial reports area. companies currently apply US GAAP. In and the owners of SMEs for the range of general, the participants of the New York companies within the EU definition of a The gap was particularly noticeable in roundtable found US GAAP too complex SME. Numerically, and in terms of their relation to our lack of knowledge on for private companies and the IFRS for economic contribution, small and micro the users of SME financial reports and SMEs, issued by the IASB in July 2009, companies are an important constituency their information needs. However, this was discussed as a potential alternative. in Europe. knowledge is essential for the conceptual underpinning of accounting standards for There was a consensus that the IFRS for There is a proposal by the European SMEs. Most of the previous studies have SMEs benefited from being designed Commission to exclude micro entities been in Europe, mainly in the UK. It was specifically for private entities and was from the requirement to publish financial noted that a major constraint to researchers seen as simpler and less burdensome. It reports and to make them available for

Vol. 22 No. 1 17 was known of the extent financial reports were used by other potential users. There was speculation In all three roundtables as to the extent credit rating agency used financial reports.

The important gaps in the research literature, as emphasised at the three roundtables was users and their needs. This has been mentioned before by commentators on financial reporting. The participants of roundtables were also of the view that users and their needs could vary depending upon the size of company within the defined range of SMEs or private companies in their jurisdiction. The financial reporting of Micro companies was of particular interest, in terms of users and their needs as well as cost and benefit issues in Europe and South Africa.

The alternatives it would seem are: The NY IFRS for SMEs Roundtable was moderated by Tom Duffy (partner in-charge NY Audit Practice, KPMG LLP), Donna Street (IAAER President), Robin Jarvis (Head of ACCA SME Affairs), • To exclude Micro companies and Holger Erchinger (audit partner KPMG LLP and member IAAER Advisory Board) from the requirement to produce and make public consumption. This has created should be adopted, that is, the IASB financial reports available to the public much debate and controversy in Europe standard published in July 2009, but there based on cost versus benefits argument. and inevitably became a part of the was concern whether the standard would • Require Micro companies to discussion at the roundtable. It was be appropriate for majority of their smaller publish and make financial reports publicly recognised that the lack of research has SMEs which were by far the majority. available using either: not helped this debate. o IFRS for SMEs There was a keen interest in the possibility o Accounting Standards specifically Similarly, to the legal framework in of a separate standard for their smallest designed for micro companies. Europe, companies in South Africa are companies. This also was a stimulus required by statute to publish financial for a research project in South Africa The next stage of the project will be to reports annually. South Africa has adopted examining this issue from a user and scope out a terms of reference for the full IFRS and decided to use the IFRS for preparers perspective. commissioning of research. SMEs as a statutory requirement when the standard was in its Draft stage simple In terms of users it was acknowledged at —Robin Jarvis because of the lack of an appropriate all three roundtables that bankers and other Head of ACCA SME Affairs / Professor of alternative. The roundtable participants suppliers of credit were the prime users. Accounting ar Brunel University, UK. generally accepted that IFRS for SMEs It was recognised, however, very little

18 COSMOS Accountancy Chronicle Meeting Minutes: IAAER/ACCA/KPMG Accounting for Climate Change and the CFO Roundtable

Held in conjunction with change and how the CFO is being affected possible role of a company’s chief REDEFINING INVESTMENT STATEGY and likely will be affected in the future. financial officer and whether and how any EDUCATION (RISE) Thomas proceeded as moderator of the assertions made by companies might be UNIVERSITY OF DAYTON Roundtable. audited.

On March 18, 2010, the ACCA, IAAER Other Roundtable participants included The participants concluded that companies and KPMG hosted a Roundtable dealing Dan Black (Delta Energy, Manager of should provide information about how with how company managements might Sustainable Energy), Teresa Conover their operations are currently affected disclose information about how their (President Elect Beta Alpha Psi and and might be affected in the future by firms are being affected by governmental University of North Texas), Stathis climate change regulations. The group and other initiatives dealing with climate Gould (IFAC, Senior Technical recognized the politically charged nature change and economic sustainability. The Manager, Professional Accountants in of this matter and that legislation can event was held at the University of Dayton Business Committee), Henry Henderson change with local and national elections. as part of its annual RISE symposium -- (Natural Resources Defense Council, For the most part, the group agreed that which is the world’s largest event oriented Director, Midwest Program), Daniel comments made by companies should toward investment strategy education for Hoehn (Chiquita Corporation, Assistant be subjected to some sort of external college students. The Dayton Roundtable Controller), Gregory Hoffbauer (NewPage review, perhaps from public accounting was the first of a series of at least three Corporation, Assistant Controller), Liz firms experienced in such matters or other to be jointly sponsored by the ACCA and Logan (PwC, US Sustainability and qualified organizations; this discussion IAAER in 2010. Climate Change Partner), Craig Marshall was highly relevant given the IAASB’s (E&Y, Columbus Office Managing project to develop the International The Roundtable began with a welcome Partner Advisory Services), L. Hal Standard on Assurance Engagements, from Paul Costello (Head ACCA Canada Rogero (University of Dayton and former Auditing a Greenhouse Gas Statement. & USA) and Donna Street (President Controller Mead Corporation), Beth of IAAER and Professor University of Schneider (Deloitte, Audit Director in The group also discussed the likely Dayton). Following a summary of the National Office), Michael Walsh (Chicago education and practical training that such academic literature on accounting for Climate Change, Executive Vice President reviewers (or “auditors”) might have, and climate change by Ella Mae Matsumura Research), and Kenneth Witt (AICPA, the “legal liability” that such firms might (University of Wisconsin-Madison), Technical Manager, Business, Industry & incur. Thomas Kloc (KPMG Managing Government). Director Advisory Services Energy and Submitted by Hal Rogero University of Sustainability) provided an overview of The vigorous Roundtable discussion Dayton the primary issues associated with climate focused on, among other things, the

Vol. 22 No. 1 19 IAAER News: IAESB Report

The International Accounting Education support of ACCA, four teams have been Christine Helliar, Elizabeth Monk, Louise Standards Board (IAESB) has embarked working on research projects for more Crawford, Claudio Teodori, Monica on its strategic plan for 2010 – 2012. The than a year. Veneziani, Simeon Wanyama, and Khalid main focus is on analysis and revision Falgi. of the eight International Education The projects and research teams are: Standards. Presentation of final results of the research How Does the Methodology of Education projects to the full IAESB will be on Task forces are examining each standard, and Training in Ethics Affect theEthical November 4, 2010, in Singapore, just with the first step being a series of Awareness and Practice of the Professional prior to the World Congress of Accounting “consultations,” or focus groups, to Accountant? Educators. I am pleased to announce a discuss the sections of each standard second round of research grants supporting that may or may not need revision. A F. Greg Burton,Ervin L. Black, Lee H. the agenda of the IAESB, again funded by key to the revision process is making the Radebaugh, Kevin D. Stocks, Sam Hardy, ACCA. By the time this is in print, a call standards consistent with the Framework Salvador Ruizde-Chavez, and Edson Luiz for proposals will have been issued (see the for International Education Standards Riccio. IAAER Web site for details). for Professional Accountants that was adopted last year and takes a competency- Access to CPD Opportunities and The highest priority of the call is research on based approach to standards rather than Resources to Assist Professional e-assessment for entry into the accounting an input approach. I encourage anyone Accountants to Meet Their Commitment profession or for continuing professional invited to participate in the focus groups. to Life Long Learning: Evidence from the development, especially competency- Asia Pacific Region based e-assessment, but the call lists other There are two other ongoing projects possible topics as well. Up to four grants that will be ready for exposure shortly: Paul de Lange, Beverley Jackling, and of £16,000 will be selected from proposals Guidance on Professional Skills and Themin Suwardy. submitted by September 1, 2010. General Education and Guidance on the Final Assessment of Professional Searching for Best Practice in the Final deliverables will be due in February Capabilities and Competence. Development and Assessment of Non- or March, 2012, with interim deliverables Technical Skills in Accountancy Trainees in spring and fall of 2011. Please consider The IAESB especially encourages – A Global Study,” submitting a proposal. It is a great comments from academics, so I again opportunity to undertake research that urge your participation when the exposure Elizabeth Gammie, Susan will have a real impact and to get ongoing drafts come out. Hamilton, and Erica Cargill feedback from the IAESB, an Advisory Committee, and the other research teams. The IAAER is deeply involved with the The Awareness and Impact of International IAESB in supporting research on topics Accounting Education Standards, —Gary Sundem, VP Education, IAAER of interest to the Board. With the financial

20 COSMOS Accountancy Chronicle IAAER News: SAC Activity Report

Since the August Executive Meeting of SAC members on Part 1 of IFRS 9 Accounting Standards Advisory Council IAAER, I have attended three events as Financial Instruments that addresses the (FASAC) of the U.S. FASB closed the the Standards Advisory Council (SAC) classification and measurement of financial morning session with an overview of the member of the IASB. assets and reviewed the exposure draft organization’s efforts related to supporting Financial Instruments: Amortised Cost financial reporting standard setting in the The first event was a IASB Roundtable and Impairment issued on 5 November U.S. as well as the convergence of IASB held in New York City that focused on the 2009 that proposes that financial assets and FASB standards. proposed changes to the IASC Foundation measured at amortized cost be accounted Constitution. The key points of discussion for using an expected loss impairment SAC members held break-out sessions in were (1) enhancing the IASB agenda- method. Details of the new standard the afternoon to discuss in small groups setting processes; (2) expanding the and exposure draft can be accessed using what the strategic goals of the IASB should IASB’s liaison with other organizations; IAAER’s eIFRS link. be post-2011, which is the date that major (3) establishing a procedure for the projects on the IASB’s technical agenda possibility of an accelerated due process; Chairman Paul Cherry of the Canadian are expected to be completed, and what (4) provide further geographical balance Accounting Standards Board opened major projects should be added to the among the Trustees; and (5) change the the public sessions of the meeting with IASB’s agenda post-2011. Summaries name of the organization to the IFRS an overview of the IASB activities from the four break-out groups were Foundation to be more consistent with since the last SAC meeting, where the presented the following morning with branding of IFRS. majority of effort dealt with the financial preparers, users, regulators, and other instruments project as well as continuing SAC representatives concurring that the The second event was a roundtable the convergence project with the U.S. IASB should continue on its mission to addressing the usefulness and acceptance Financial Accounting Standards Board develop high quality financial reporting of the IFRS for SME standard sponsored by (FASB). standards that are accepted worldwide. IAAER and the Association of Chartered Certified Accountants (ACCA). The New Several SAC members shared IFRS Many groups also recommended that York City roundtable that I attended was initiatives of their institutions or the IASB incorporate into their work one of several held around the world to countries. Some of the more important plan program post-June 2011 a review gather feedback on the ground breaking initiatives include Canada, India, and of the standards to date and whether the standard that was issued in July 2009. Korea announcing plans to adopt or implementation and financial reporting converge with IFRS in 2011. Mexico goals of the standards are being met. Participants included bank loan officers announced plans to adopt IFRS for all and investment bankers; two important listed entities from 2012. Japan issued SAC members expressed concern that users of non-public entities financial a IFRS roadmap in June 2009 that gives standards were being written without any statements. Many of the participants of companies the option to use IFRS for their quiet periods that can useful to assess the the roundtable expressed support for the consolidated financial reporting for fiscal financial reporting under a comprehensive IFRS for SME standard and thought that years beginning April 1, 2009. set of standards. it would improve the financial reporting environment for non-public entities. There In addition, Japan has established an The second day concluded with a closed were some questions about the limitation implementation group to provide additional session that addressed the development in disclosures, however, one must realize guidance on IFRS use. Standard setters in of a SAC website, interactive tools and that if measurement choices are limited Southern Asia organized an Asian-Oceania agenda setting for future SAC meetings. (e.g., full expensing of research and Standard Setting group to support the development costs) there is less need for acceptance and implementation of IFRS The next SAC meeting was held 22- disclosures related to account valuations in countries in this region of the world. 23 February 2010 in London. A report (e.g., development costs capitalized). The CEO’s of the largest companies in will be included in the next volume of Australia, known as the Group of 100, COSMOS. I can be reached at hskaife@ The third meeting of the reformulated issued a discussion paper proposing a bus.wisc.edu. Standards Advisory Council (SAC) principles-based approach to determining of the IASB met in London on 12-13 financial statement disclosures. Thank you and Happy 2010. November 2009. The meeting began with two education sessions that briefed Dennis Chookazian from the Financial —Hollie Ashbaugh Skaife

Vol. 22 No. 1 21 IAAER News: 2010 SAC Consult Committee Announcement

IAAER Announces Appointment of SAC (SAC) of the International Accounting standard setting, IAAER has established Consult Committee Standards Board (IASB) in 2008, IAAER a SAC Consult Committee. was assigned a seat on the SAC. The The mission of the IAAER is to promote SAC serves an advisory role to the IASB SAC Consult Committee members are excellence in accounting education and giving input on the IASB’s agenda and responsible for communicating the ideas research on a worldwide basis and to current issues in financial reporting. and concerns of their organizations to maximize the contribution of accounting the IAAER SAC representative (Hollis academics to the development and SAC representatives are asked to collect, A.Skaife) who will forward comments maintenance of high quality, globally synthesize, and communicate the ideas and on to the IASB as appropriate during recognized standards of accounting concerns of their underlying organizations SAC meetings. IAAER SAC Consult practice. to the IASB during SAC meetings that Committee members serve a renewable are held at least three times a year. To one year term not to exceed five years. When the International Accounting provide a more formal process by which Standards Committee Foundation re- IAAER institutional members can express Please see the list below for the 2010 SAC formed the Standards Advisory Council their views on international accounting Consult Committee.

Committee Members

Hollis Ashbaugh-Skaife (Chair) Bhabatosh Banerjee IAAER SAC Representative Indian Accounting Association Research Foundation

Margarita Bassabikova Mike Bradbury Collegium of Auditors – Kazakhstan New Zealand Institute of Chartered Accountants

Roberto Di Pietra Jayne Godfrey Accademia Italiana di Economia Aziendale Accounting and Finance Association of Australia and Società Italiana di Storia della Ragioneria and New Zealand

Jongsoo Han Leslie Hodder Korean Accounting Association American Institute of Certified Public Accountants

David McCollum-Oldroyd Paul Munter British Accounting Association KPMG

Yanira Petrides BrunoSalotti Mexican Association of Accounting and Business Faculty Associação Nacional dos Programas de Pós-Graduação em Ciências Contábeis

Thomas Scott Peter Walton Canadian Institute of Chartered Accountants Association of Chartered Certified Accountants

Observers Mary Barth Donna Street IAAER Vice President At Large – IASB Liaison IAAER President

22 COSMOS Accountancy Chronicle IAAER News: Symposia on Core Curriculum of Japanese Accounting Schools - Objectives of Japanese Schools of Accounting

There are eighteen Accounting Schools in Barth (IAAER VP Japan which offer Master degree programs At Large – IASB that aim at educating accounting. Liaison) discussed Following one of the basic principles how to approach the of universities, the curricula of these teaching of IFRS. accounting schools have been developed Professor Barth and implemented based on decisions explained that the and ideas made independently by each IASB Framework accounting school. is the cornerstone of IFRS and, thus, However it is important to have standard understanding the courses in accounting schools and these Framework should courses must not have a large discrepancy represent the first step from the standards. The contents of such in IFRS education. standard courses must not fluctuate among She explained the instructors. key features of the Mary Barth discussing teaching IFRS at the January Symposium. Framework and how The Committee of Core Curriculum for the concepts in the in a way that enables students be prepared Accounting Schools started its activities Framework fit together to achieve the stated to make those judgments. in September 2009 and has studied objective of financial reporting. Professor and developed the core curriculum of Barth also addressed how principles in February Symposium accounting schools. IFRS derive from the Framework and how rules in IFRS follow On February 21, 2010, a symposium from the principles. addressing the core curriculum of Japanese Accounting Schools was held in Tokyo. Mr She further noted Mark Allison, Chair of the International that some IFRS Accounting Education Standards Board principles and rules (IAESB) of the International Federation of are not derived from Accountants (IFAC), and Professor Donna the Framework. Street, President of the IAAER, made Rather, they represent keynote speeches during the symposium. decisions made for particular standards, Following their speeches, Mr Atsuyuki some of which Asano, a representative of the Ministry of predate the existence Education of the Japanese Government, of the Framework. and Professor Toshifumi Takada, Chair of the Core Curriculum Committee, addressed She explained that the audience. The symposium concluded Mark Allison, Chair of IAESB giving the keynote address at the February even today, not with a panel discussion moderated by Symposium. every principle Professor Takashi Hashimoto, Aoyama and rule in new Gakuin University, and featuring Allison, The Committee has published a document standards is derived from the Framework Street, Asano, and Takada. entitled “Accounting Schools Core and highlighted why students of IFRS Curriculum” and decided to hold two need to understand such divergences Seventy faculty members of accounting symposia to announce the publication to from the Framework as well as why the schools in Japan and CPAs attended the interested individuals and organizations. differences arose. symposium. The symposium was very IAAER Executive Committee members successful. participated in the symposia which were Professor Barth also indicated that IFRS —Toshifumi Takada held in January and February. are principles-based and require judgment to apply. She described the types of January Symposium judgments that are required in IFRS and On January 25, 2010 Professor Mary offered suggestions of how to teach IFRS

Vol. 22 No. 1 23 IAAER News: Japan Accounting Association

The IAAER was invited by Professor Kazuo Hiramatsu (currently President of the Japan Accounting Association) to participate in a special IAAER session on IFRS at the annual meeting of the Japan Accounting Association hosted by Kwansei Gakui University in Osaka, Japan from 2-4 September 2009. Donna Street, from Dayton University and IAAER President, made a presentation on “Barriers to US adoption of IFRS” and Sid Gray, from the University of Sydney and former IAAER President, made a presentation on “ IFRS implementation and impact:lessons from Australia and the European Union”. Yukio Fujita, Donna Street and Sid Gray at JAA panel discussion in September.

IAAER News: AICPA Announcement - Volunteers needed to develop questions on IFRS for Uniform CPA Examination

The AICPA Examinations Team is minimum of three years of experience as a few items to AICPA Examinations seeking professionals with solid skills a licensed professional, and expertise in Team staff for review and feedback, so and knowledge in International Financial the application of IFRS. that they can independently develop Reporting Standards to develop questions a minimum of 15 items in prescribed (“items”) on IFRS for the Uniform CPA Volunteers may not be affiliated with areas. Examination. any Uniform CPA Examination review course. Item Development Workshops If interested, send a resume or curriculum To qualify, volunteers must have a conducted via Web conference (approx. 90 vitae to [email protected]. current CPA license or comparable minutes) will provide instruction on item internationally recognized credential, a development. Volunteers then will submit

Award Announcement: AE IAAER Awards 2009

In 2007 it was agreed by the Executive Each of AE’s Associate Editors and Guest *Thomas J Phillips, Jr Committee of the International Association Editors was invited to nominate one Louisiana Tech University for Accounting Education and Research reviewer (using a set of specific criteria), U.S.A. and the Editorial Group of Accounting with IAAER’s Editorial Consultant Education: an International Journal that (Professor Gary L Sundem) and AE’s *Gregory N Stoner up to three awards would be made each Editor (Professor Richard M S Wilson) University of Glasgow year to reviewers whose contributions in acting as judges. The winners for 2009 are Scotland, U.K. the year were deemed outstanding. The aim (in alphabetical order): is to recognize the valuable contribution Each winner will receive an inscribed that AE’s reviewers make through their *Elaine Evans certificate. A hearty congratulations from encouragement of excellence in the Macquarie University the AE team and the IAAER Executive scholarship of accounting education. Australia Committee.

24 COSMOS Accountancy Chronicle Award Announcement: IAAER/ACCA/IAASB Global Audit Issue Grant Winners

Key research into global audit issues is research that will contribute significantly will examine international adoption and announced towards developing a road map for implementation of standards related to auditors is of the utmost importance.” audit reporting (ISAs 700, 705 and 706) Research into pressing global auditing in Australia, Hong Kong, Singapore, issues has been commissioned by the The four research teams will pursue South Africa, New Zealand, the United International Association for Accounting their projects over the next two years, Kingdom and the United States over the Education and Research (IAAER) and and results will be showcased at three period 2001-2008. In particular, the study funded by ACCA (the Association of events involving representatives from the will aim to examine the consistency of Chartered Certified Accountants). IAASB as well as renowned researchers audit reporting behaviour with respect to Four projects have been announced which specializing in the area of audit and auditors’ evaluation of the going concern are intended to support the work of the assurance. The ACCA, IAASB and assumption. International Auditing and Assurance IAAER plan to publish a practice-focused Standards Board (IAASB). briefing report summarizing the primary The Implications of XBRL for the Financial research findings. Statement Audit They will look at whether there is Roger Debreceny, University of Hawaii at consistency in the application of auditing Funded projects include Manoa standards; the implications of eXtensible Business Reporting Language (XBRL) International Consistency and Stephanie Farewell, for the financial statement audit; the audit Convergence in the Application of University of Arkansas at Little Rock methodology for smaller audit firms and International Auditing Standards: the nature of professional judgement in Evidence from Going Concern Hans Verkruijsse, auditing. Modifications Tilburg University

Research teams from Australia, Germany, Per Christen Trønnes, The eXtensible Business Reporting the Netherlands, the UK and US will University of New South Wales Language (XBRL) plays an important present research designs and preliminary role in a wide variety of information results at the International Symposium Elizabeth Carson, value chains in nearly twenty countries. on Audit Research) in Singapore in June, University of New South Wales Several of those value chains include with interim research findings presented the transmission of audited financial to the IAASB in the US in Spring 2011 Roger Simnett, statements to regulators and capital and final results at a conference in Europe University of New South Wales market exchanges and other information to in October 2011. consumers and intermediaries. Currently, The IAASB has made significant progress some of these value chains have XBRL Dr Steve Priddy, Director of Technical since its inception in developing a single as the primary, or sole, communication Policy and Research at ACCA said: set of high-quality, principles-based method, or are planning to move in that “These projects will look into a number international auditing standards for listed direction. of critical questions which are facing the and public interest entities. This is a global audit community. ACCA believes necessary first step towards achieving XBRL is currently on the IAASB agenda it is important to fund this research as it consistency of audit practice across the – although the direction that the Board will provide valuable insight into some globe. The expectation of users of financial will take in regard to XBRL is not clear. pressing matters for the profession, which statements is that uniform standards will In large part, this uncertainty is the result will demonstrate how much more work result in uniform application of these of the paucity of professional guidance, needs to be done to ensure auditors are standards across national boundaries and academic or applied research on assurance working to the same global standards.” firms. The proposed research aims to on XBRL-based reports. This study will provide evidence to regulators and users by develop a research position paper to Professor Donna Street, President of empirically investigating whether there is answer the research question: What are the IAAER, said: “The audit profession is fast consistency in the application of auditing implications of XBRL for the Financial approaching a crossroads and needs to standards across countries, between audit Statement Audit? The paper will address make some important decisions regarding firms and over time. This will enable issues such as the influence of XBRL the direction to take. These decisions have us to examine forces that impede or taxonomy design and instance document far reaching implications, and IAAER promote consistency of application of production; the interaction between believes that commissioning academic auditing standards. The current study international and national standards and

Vol. 22 No. 1 25 Award Announcement: IAAER/ACCA/IAASB Global Audit Issue Grant Winners

national XBRL implementations; the our understanding of the current status on Auditing, in the IESBA’s Code of impact of distribution of financial data in quo of implementation of ISA 315 by Ethics for Professional Accountants XBRL after reporting; user perceptions small and medium-sized audit firms when and in the IAASB’s Framework for and the expectation gap; auditing XBRL conducting SME audits. International Education Pronouncements. instance documents and auditor factors. The professional auditor’s understanding The research method is largely qualitative Related is a more philosophical of the nature of professional judgement and will employ structured interviews, question: What are non-Big 4 auditors’ will be explored through interviews with focus groups and surveys. perceptions regarding the completeness practitioners. and sufficiency of audit evidence? In Audit Methodology with a Business-risk other words, is it necessary to conduct Understanding the nature of professional Perspective by non-Big 4 Audit Firms in a full-scale audit, utilizing the BRM judgement is important to the IAASB in the Netherlands and Germany irrespective of differences in company setting auditing standards that allow for size and complexity? its exercise, to auditors who are supposed C. M. van Nieuw Amerongen, to exercise such judgement in following Nyenrode Business University The Nature of Professional Judgement in ISAs and meeting the requirements of the Auditing Code of Ethics and to educators who teach J. P.van Buuren, practitioners how to apply them. Nyenrode Business University Ian Dennis, Oxford Brookes University Programme Advisory Committee A. Wright, This research will investigate the concept Members of the Programme Advisory Northeastern University of professional judgement in the auditing Committee include: context. The importance of professional C. Koch, judgement has long been recognized in IAASB Mannheim University auditing. ISA 200 requires that the auditor Arnold Schilder, Chair shall exercise professional judgement Jon Grant, Member In the past decade Big 4 audit firms have in planning and performing an audit of Susan Jones, Member implemented the ‘business risk audit financial statements. Bill Kinney, Member methodology’ (BRM). Prior research has James Gunn, Technical Director addressed the drivers of this significant Exercising judgement in following change by the Big 4. However, little is standards is a hallmark of a ‘principles- ACCA currently known about audit methodology based’ system of standards. The project will Caroline Oades, Head of Research changes for smaller audit firms. investigate the meaning of ‘professional Barry Cooper, Council Member and judgement’ in the professional and Chair, ACCA Research Committee The current study is based on interviews academic literature relating to auditing. David York, Head of Auditing Practice with non-Big 4 auditors in the Netherlands It will also consider the use of the and Germany and hence will contribute to expression in International Standards

26 COSMOS Accountancy Chronicle Award Announcement: IAAER/KPMG/IASB Grants

The International Association for Accounting Education and Research (IAAER), in collaboration with KPMG LLP and the KPMG Foundation, is pleased to announce our Research Informing the IASB Decision Process grant recipients. Five research grants of $25,000 (U.S.) each have been awarded for the following research projects:

How to Assess High Quality Financial Reporting? An Analysis of Earnings Quality Metrics Ralf Ewert, Karl-Franzens-University Graz, Austria Andrea Szczesny, Julius-Maximilians-University Würzburg, Germany Aljoša Valentinčič, University of Ljubljana, Slovenia Alfred Wagenhofer, Karl-Franzens-University Graz, Austria

An International Analysis of Alternative Pension Measures and Presentations Carol Ann Frost, University of North Texas, USA Elizabeth A. Gordon, Temple University, USA Lili Sun, University of North Texas, USA

Bank Disclosure Quality and the Subprime Crisis Beng Wee Goh, Singapore Management University, Singapore Jeffrey Ng, Massachusetts Institute of Technology, USA Kevin Ow Yong, Singapore Management University, Singapore

Fair Value Reclassifications of Financial Assets: Economic Determinants, Reporting Effects, and Capital Market Consequences Holger Daske, Universitat Mannheim, Germany Jannis Bischof, Universitat Mannheim, Germany Ulf Brüggemann, Lancaster University, UK

Revenue Recognition in Long-term Construction Contracts Yin Xu, Old Dominion University, USA Timothy S. Doupnik, University of South Carolina, USA

Funding for this program is provided by KPMG LLP and the KPMG Foundation. Funded projects will be showcased in three highly visible events involving representatives from the IASB and other accounting standard setters as well as renowned accounting researchers. These include an IAAER by-invitation workshop in Palm Springs on January 28, 2010 preceding a joint IAAER meeting with the International Accounting Section of the American Accounting Association, a workshop held in Singapore during the IAAER World Congress of Accountants on either November 5 or 6, 2010, and a by-invitation mini-conference in either London or Norwalk during spring 2011.

Program Advisory Committee Mary E. Barth Katherine Schipper Joan E. Horngren Professor of Accounting Thomas F. Keller Professor of Accounting Stanford University Duke University and former IASB Board Member and former FASB Board Member

Holger Erchinger Donna L. Street, Program Coordinator KPMG Audit Partner Mahrt Chair in Accounting Department of Professional Practice University of Dayton and President IAAER

Vol. 22 No. 1 27 IAAER Sponsored Call for Research Proposals: IAAER and ACCA invite proposal’s for IFAC’s IAESB

ACCA (Association of Chartered Certified Accountants) and the International Association for Accounting Education and Research (IAAER) are pleased to invite research proposals to support the work of IFAC’s International Accounting Education Standards Board (IAESB).

The program supports academic research directed at informing the IAESB’s standard setting activities. Funded projects will be showcased at events involving representatives from the IAESB as well as researchers specializing in the area of accounting education and assessment. ACCA, IAESB, and IAAER plan to publish a briefing report summarising the primary research findings of the program. Research teams may publish an academic report of their individual findings in the publication of their choice.

Funding Up to four research grants of GB£16,000 equivalent, funded by ACCA, will be awarded under the program. The grants will be paid in three installments and may be applied to cover travel costs associated with attending program events and/or direct costs associated with the research. Funding for this program is provided by ACCA.

The deadline for submission of proposals is 1 September 2010.

Program objective The call promotes and supports research directed at developing theory and evidence to inform the IAESB’s decision-making process. Proposals may address any of the following seven topics, or some combination of them. • E-Assessment for Professional Accountants • Models of Continuing Professional Development (CPD) • Convergence of Accounting Education Standards • Models of Accounting Education • Compliance with International Accounting Education Standards (IESS) • Quality Control of Third-Party Providers • Education and Development of Accounting Technicians

Project deliverables • March 2011: Research designs and any preliminary results will be presented at a by-invitation ACCA/IAAER mini- conference at a place and time to be determined, most likely scheduled around the IAESB’s March meeting. • September/October 2011: Research teams will present interim research findings at a place and time to be determined, most likely scheduled around the IAESB’s October meeting. • February/March 2012: Final results will be presented to the IAESB at its meeting in February or March 2012. The final deliverables will focus on highlighting the significance of the findings to standard setters.

Program Advisory Committee IAESB • Adrian Pulham, Education and Training Director, CIPFA • Kim Langfield-Smith, Deputy Dean (Research), Monash University • Kazuo Hiramatsu, Kwansei Gakuin University • David McPeak, Technical Manager, IFAC

IAAER • Donna L. Street, President • Gary L. Sundem, VP Education

ACCA • Aude Leonetti, Director of Education, ACCA • Barry Cooper, Chairman of ACCA Research Committee, Professor of Accounting, Deakin University, Melbourne • Caroline Oades, Head of Research, ACCA

28 COSMOS Accountancy Chronicle IAAER Sponsored Call for Papers: IAAER, ACCA, KPMG Early Career Researcher Consortium (in conjuction with AMIS 2010) June 16, 2010, Bucharest Funded by ACCA Global and KPMG Submission date: April 23, 2010

The International Association for presenters prior to the workshop to assist Stefano Zambon, Accounting Education and Research them in identifying ways to improve their University of Ferrara (IAAER), the Association of Chartered proposal prior to the workshop. Certified Accountants (ACCA), and KPMG Proposals should be submitted on or are pleased to announce they will hold a Following the presentation of each before April 23, 2010 to Professor Donna consortium for early career researchers proposal, a senior researcher will serve Street at [email protected]. in Bucharest immediately preceding the as a discussant and provide constructive Proposals should not exceed 20 pages AMIS 2010 annual conference. feedback. Then the floor will be open (including tables and references). for discussion of the proposal by the Going forward, IAAER and ACCA plan to presenter, senior scholars, and early Submissions exceeding the specified length jointly hold at least two consortia per year career researchers. The consortium will will be eliminated from consideration. All aimed primarily at building the research conclude with a reception hosted by ACCA submissions should be double spaced, skills capacity of early career accounting Romania, Bulgaria, Greece & Moldova. utilize size 12 font, and be in English. scholars based in transitional economies. Each submission should include a brief The Bucharest consortium will be held in Consortium faulty/mentors will include, (one page or less) biography of each association with the AMIS 2010 annual but are not limited to: author including information regarding the conference and will be hosted by the authors’ current employer (university) and Bucharest Academy of Economic Studies, David Alexander, the authors’ doctoral granting institution Romania. The consortium will be held 16 University of Birmingham and the date the Ph.D. was received June 2010. (or in the case of doctoral candidates, Anne Loft, anticipated). The objective of the consortium is Lund University to provide early career accounting Proposals received will be considered for researchers in transitional economies with Robert Faff, ACCA IAAER seed grants. Proposals information to help them in developing University of Queensland addressing the following areas are successful academic careers. Attendees especially welcome and encouraged will have the opportunity to interact Elizabeth Gordon, for consideration under the seed grant with renowned scholars of international Temple University program: standing (to be announced in an updated call) and with fellow early career Katherine Schipper, • Narrative reporting researchers. The program will provide a Duke University • Auditing and society (including platform for discussion of research ideas audit in developing economies and and issues. Wolfgang Schultze, advocating audit and assurance Universität Augsburg • Accounting for climate change The consortium will begin on 16 • Global integration: international June at noon with lunch. In addition Allan Hodgson, financial reporting standards to presentations by internationally University of Amsterdam • Improving governance and ethical recognized accounting scholars, the conduct program will feature a Research Proposal Donna Street, • Valuing the intangible Development Workshop. Early career University of Dayton • Championing entrepreneurship: researchers in transitional economies sound finance and governance for are invited to submit a research proposal Tony Kang, SMEs (i.e. a paper idea) to be considered for Oklahoma State University presentation at the workshop. Up to 16 Authors selected to present at the proposals will be selected for presentation. Lee Yao, workshop will be notified about the Written feedback will be provided to the Loyola University New Orleans selection of their proposal no later than

Vol. 22 No. 1 29 IAAER Sponsored Call for Papers: IAAER, ACCA, KPMG Early Career Researcher Consortium (in conjuction with AMIS 2010)

14 May 2010. Authors need to confirm waived for all early career researchers consortium, contact [email protected] or their participation by 21 May 2010. attending the consortium. Additionally [email protected]. All participating proposal development a travel allowance will be provided to workshop presenters must attend the entire cover cost up to €150 for early career KEY DATES program and the following reception. scholars selected to present their research Proposal submission deadline: proposals at the consortium. In addition 23 April 2010 There is no fee for attending the to this allowance, consortium participants consortium. However, the spaces are may be (upon expression of their interest) Selection decisions advised: limited. Please register your interest in accommodated at low rates in the host 14 May 2010 attending the consortium by sending an university’s facilities, on campus, within email to [email protected] walking distance from the venue. As Participation confirmation: by 1 April 2010 accompanied by a detailed places are limited, expression of early 21 May 2010 CV. Early application is encouraged. interest is higly encouraged.

The AMIS 2010 registration fee will be For more information about the

30 COSMOS Accountancy Chronicle IAAER Sponsored Conference: 11th IAAER World Congress of Accounting Educators and Researchers Singapore, November 4-6, 2010 Host University: Singapore Management University Registration Deadline: June 30, 2010

THE CONGRESS The congress is a two day event comprising plenary sessions, concurrent paper sessions (which include refereed paper presentations and panel sessions) and poster sessions. It will be held at the Singapore Management University campus. A day of optional pre- conference events including an IFRS Teaching Workshop (held in collaboration with the IASCF) and the last deliverable for the ACCA IAAER grant program to inform the work of the IAESB will be held on November 4 (for more information see http:// congress.iaaer.org/pre-conference/).

REGISTRATION FEE Registration will be available online at http://congress.iaaer.org/ beginning May 1. The registration fee is $US450 for IAAER members. Early bird registration of US$400 is available through June 30 for IAAER members. Special registration rates are available for doctoral students.

HOTEL INFORMATION The official hotel of the IAAER World Congress is the Intercontinental Singapore, where the closing gala dinner will be held. Special conference rates are available through August 1, 2010. Please book your reservations early as the IAAER room block is limited.

Room type Single rate Double rate Singapore$ 280 ++ per room per Singapore$ 310 ++ per room per night Deluxe Room night (includes one breakfast) (includes two breakfasts) Singapore$ 320 ++ per room per Singapore$ 350 ++ per room per night Premier Room night (includes one breakfast) (includes two breakfasts) Club Singapore$ 370 ++ per room per Singapore$ 400 ++ per room per night Intercontinental night (includes one breakfast) (includes two breakfasts)

A registration form and additional information is available at http://congress.iaaer.org/hotel/. The form should be completed and sent directly to the Intercontinental Singapore to obtain the IAAER rate.

CONGRESS PLANNING COMMITTEE CONGRESS SCIENTIFIC COMMITTEE Teresa Conover (University of North Texas, Committee Chair) Tony Kang (Oklahoma State University) Themin Suwardy (Singapore Management University) Ann Tarca (University of Western Australia) Patricia Tan Mui Siang (Nanyang Technological University) Trevor Wilkins (National University of Singapore) FOR MORE INFORMATION Sid Gray (University of Sydney) Teresa Conover: [email protected] Lee Yao (Loyola University New Orleans) IAAER Administration: [email protected]

World Congress Gold Sponsors

Supported by:

Vol. 22 No. 1 31 IAAER Sponsored Conferences: 2010 World Conference Pre-Conference Events NOVEMBER 4, 2010

Joint IAAER – IASC Foundation Teaching IFRS Special Interest Session

10:00 am – 3:00 pm. Topics will include a framework for teaching IFRSs, improving the framework, understanding IFRS measurements (cross-cutting issues), IFRS judgments in impairment testing, IFRS curriculum development and IFRS teaching resources. Speakers will include Mike Wells (Director of IFRS Education Initiative, IASC Foundation), Mary Barth (Professor Stanford University and Academic Advisor to the IASB), and Donna Street (Professor University of Dayton and President IAAER). Lunch will be provided. Registration fee $US 30.

3:00pm – 3:30pm Afternoon Refreshments for Participants in Joint IAAER – IASCF Workshop and Participants in Joint IAAER and ACCA Research Forum to Inform the IAESB

3:30 pm to 6:30pm Joint IAAER and ACCA Research Forum to Inform the IAESB

This research forum is free of cost for World Congress participants and will showcase the research findings of four projects that are related to the work agenda of IFAC’s International Accounting Education Standards Board. The projects are:

• How Does the Methodology of Education and Training in Ethics Affect the Ethical Awareness and Practice of the Professional Accountant? F. Greg Burton, Ervin L. Black, Lee H. Radebaugh, Kevin D. Stocks, Sam Hardy, Salvador Ruiz-de-Chavez, and Edson Luiz Riccio. • Access to CPD Opportunities and Resources to Assist Professional Accountants to Meet Their Commitment to Life Long Learning: Evidence from the Asia Pacific Region, Paul de Lange, Beverley Jackling, and Themin Suwardy. • Searching for Best Practice in the Development and Assessment of Non-Technical Skills in Accountancy Trainees – A Global Study,” Elizabeth Gammie, Susan Hamilton, and Erica Cargill • The Awareness and Impact of International Accounting Education Standards, Christine Helliar, Elizabeth Monk, Louise Crawford, Claudio Teodori, Monica Veneziani, Simeon Wanyama, and Khalid Falgi.

The four research projects provide valuable input to IFAC member organizations and to the task of advancing accounting education worldwide. The research findings of these projects help to develop a better understanding of the current state of accounting education in various countries and the obstacles to the implementation of international standards. Each International research team will make a 30-minute presentation on their research papers followed by a short question and answers session.

32 COSMOS Accountancy Chronicle IAAER Sponsored Conference: 10th IAARF International Accounting Conference: Global Financial Meltdown & Recovery: Changing Paradigm of Accounting & Finance

TENTH INTERNATIONAL ACCOUNTING CONFERENCE January 8 & 9, 2011 (Saturday & Sunday) Crystal Hall, Hotel Taj Bengal, Kolkata

Conference Venue The Indian Accounting Association Research Foundation (IAARF) will hold its Tenth International Accounting Conference at the Taj Bengal Hotel, Kolkata, on Saturday and Sunday, the 8th and 9th January 2011 in collaboration with International Association for Accounting Education and Research (IAAER), Deloitte, Eastern Institute for Integrated Learning in Management (EIILM), Kolkata and Department of Commerce, University of Calcutta.

Theme The theme of the conference is Global Financial Meltdown & Recovery: Changing Paradigm of Accounting & Finance.

Topics Papers are invited on the following topics: 1. Global Convergence of Accounting Standards 2. Role of Accounting in the Recent Financial Meltdown 3. Impact of International Taxation on Accounting and Finance 4. Measurement and Reporting of Environmental Impact 5. Measurement & Reporting of Intangible Assets 6. Corporate Sustainability Reporting 7. Emerging Issues in Capital Markets 8. Micro Finance 9. Foreign Exchange Risk Management 10. The Attest Function – the Quest for Assurance 11. Public-Private-Partnership and Accounting for Service Concession Arrangement 12. Harmonization of Financial Accounting & Tax Accounting 13. Accounting for Government and Local Authorities 14. Technology and Accounting 15. Corporate Governance in the Changing Scenario 16. Other Related International Business Topics

Well-known international and national accounting scholars and practitioners will present during the opening plenary session on the Global Financial Meltdown & Recovery: Changing Paradigm of Accounting & Finance. Distinguished academicians and practitioners from different parts of the world will attend the Conference. In addition to, members of the IAA Research Foundation, representatives of IAAER and Deloitte, members of Indian Accounting Association (IAA) and its key office-bearers, academic heads and deans of business schools and universities in India, representatives of three Indian professional bodies (the Institute of Chartered Accountants of India, the Institute of Cost and Works Accountants of India and the Institute of Company Secretaries of India) will grace the occasion by their kind presence and active participation.

Guidelines for Paper Submission 1. Papers should be submitted online and double spaced using size 12 font, Times New Roman, and one inch margins. MS Word 2003 for Windows (.doc format) is required. Each paper is limited to 5000 words including tables and references. In addition, each submission should include an abstract of 500 words or less on a separate page. 2. A separate title page should include details of author/s, affiliation, address, telephone number and e-mail. 3. Paper presentations will take place in concurrent sessions and the abstract of each presented paper will be published in the conference proceedings. 4. Papers must be received by August 15, 2010. Guidelines for Paper Submission Continued 5. Notification about the acceptance or otherwise of a paper will be made by October 15, 2010.

Vol. 22 No. 1 33 IAAER Sponsored Conference: 10th IAARF International Accounting Conference: Global Financial Meltdown & Recovery: Changing Paradigm of Accounting & Finance

6. The submission of a paper means the author certifies that the manuscript is not copyrighted, and has not been published elsewhere. 7. Papers submitted for presentation will be subject to blind review and the decision of the Technical Committee will be final.

Registration Fees Foreign Delegates (including delegates from SAARC countries):

Without accommodation US $ 250 per person US $ 100 per accompanying person With accommodation* US $ 300 per person US $125 per accompanying person (Deadline: November 25, 2010)

(*Only a few rooms at different guest houses in Kolkata will be available on a first come, first served basis.) Registration fees cover 3 breakfasts, 2 luncheons, 3 dinners, a copy of the conference proceedings and transport facilities within the city. A cultural programme will be organized for the evening of January 8, 2011. The cultural programme will be followed by the conference dinner at the adjacent space of the auditorium.

In December–January, the weather in Kolkata is pleasant, with temperatures varying between 12°C and 20°C. There are many beautiful places, monuments, and other tourist attractions in the City. Popularly known as the cultural capital of India, the City is famous for the warm hospitality of Kolkatans. Kolkata is well connected by air from Mumbai, Delhi, Bangkok and Dhaka.

Hotel Information The conference venue, Taj Bengal Hotel (www.tajhotels.com), is conveniently located in the City and is about 15 kms from N.S.C. Bose International Airport, Kolkata. There are many 5* hotels like Oberoi Grand (www.oberoikolkata.com), ITC Sonar (www. itcwelcomegroup.in), Hyatt Regency (www.kolkata.regency.hyatt.com) , Park Hotel (www.theparkhotels.com), Hotel Hindustan International (www.hhihotels.com/kolkata) in Kolkata. Of them, Oberoi Grand, Part Hotel and Hotel Hindustan International are within 3 kmsof the Taj Bengal Hotel.

Contact Persons for Sending Queries, Papers, Registration of Interest

Dr. Dhrubaranjan Dandapat Prof. Stefano Zambon Conference Secretary Vice-President (International Conferences) 10th International Conference International Association for Accounting Department of Commerce Education and Research University of Calcutta Faculty of Economics Kolkata 700 073 University of Ferrara e-mail: [email protected] Via Voltapaletto, 11 (M) +91 9433538800 44121 Ferrara, Italy e-mail: [email protected] (M) + 39-3484449316

in association with:

34 COSMOS Accountancy Chronicle IAAER Sponsored Conferences: 2011 Southern African Accounting Association International Conference

The Southern African Accounting Association (SAAA) is looking forward to hosting its 2011 International Conference – co-sponsored by IAAER - from 26 to 29 June 2011.

The conference will take place at Fancourt, George, South Africa.

The picturesque town of George is easily accessible by air with frequent connecting flights to George from Johannesburg and Cape Town.

The conference venue, Fancourt, is Country side in Fancourt, George, South Africa. situated approximately a ten minute drive from the airport. George and the surrounding area offer many eco-tourism The conference will include an IFRS Please check the websites of IAAER and options which delegates may choose to Teaching and Research workshop co- SAAA (saaa.co.za) for more information. explore before or after the conference. hosted by IASCF and IAAER.

Call for Papers: AMIS Bucharest

The Faculty of Accounting and Management Information Systems of the Bucharest Academy of Economic Studies, Romania, announces the

5th International Conference Accounting and Management Information Systems AMIS 2010 to be held at the Bucharest Academy of Economic Studies, on June 17-18, 2010.

Papers are invited in the broad areas of financial accounting, managerial accounting, auditing, financial analysis, management information systems and business law. Authors are invited to submit Downtown fountain in Bucharest, Romania. theoretical and empirical contributions, all submissions will be double-blind namely the International Association com, respectively. The two bodies are refereed. for Accounting Education and Research continuously involved in supporting (IAAER) and the Association of the development of accounting research We are extremely proud to announce Chartered Certified Accountants (ACCA). worldwide. In this respect, the IAAER for AMIS 2010 our collaboration is also the organizer of the 11th World with two internationally recognized For additional information regarding Congress of Accounting Educators and bodies dedicated to the improvement the IAAER and ACCA, please visit Researchers, to be held November 4-6, of accounting research and practice, www.iaaer.org and www.accaglobal. 2010, in Singapore.

Vol. 22 No. 1 35 Call for Papers: Academic Dishonesty

Accounting Education: an international journal Submission date: November 30, 2010

Accounting Education: an international The guest editors are amenable to quality The deadline for submissions is 30 journal invites submissions for a themed research in any paradigm including, November 2010, with publication issue on the topic of academic dishonesty for example, field or experimental currently scheduled for 2011. Early (i.e., cheating behaviour and other forms investigations, archival or survey research, submissions are welcome, and potential of inappropriate conduct). The public interpretive or critical studies and case contributors are encouraged to notify us expects accountants to exhibit complete study research. Curbing academic of their interest. Submissions should be honesty, reliability and ethical behaviour, dishonesty is a global challenge, so we made electronically in accordance with and generally exercise fiduciary also encourage international studies. AE’s policies and style and sent to either responsibility to protect clients’ assets. The following list is indicative of topics guest editor: of interest but is not intended to be However, events and widespread exhaustive: Guest Editors accounting scandals over the past decade have shaken the public trust in • Psychological antecedents of Professor Malcolm Smith accounting professionals. Moreover, cheating School of Accounting, Finance & questionable workplace behaviour may • Prevalence of specific cheating Economics be a consequence of students’ attitudes behaviours Edith Cowan University, to cheating. The potential ramifications • The influence of honour codes Western Australia of this cycle of unethical behaviour are • Cheating rationalizations [email protected] enormous and deserving of additional • Cheating behaviour models inquiry. • The role of the Internet in unethical behaviour Professor Kenneth J. Smith Submissions should be original work which • The association between student and Department of Accounting & Legal investigates some aspect of academic workplace cheating Studies dishonesty among undergraduate and/or • Effective mitigation strategies Salisbury University, USA graduate accounting students, or the link • Plagiarism [email protected] between unethical student and workplace • Academic Integrity Issues Among behaviour. Faculty and/or Administrators

Up c o mi n g eve n t s

10-11 June 2010 15-18 September 2010 8-9 January 2011* EIASM: Workshop on Accounting and The Balkans and the Middle East Contemporary Issues in Accounting and Economics Countries 2nd International Conference Finance Vienna, Austria on Auditing and Accounting History Kolkata, India Istanbul, Turkey 24-25 June 2010 26-29 June 2011* 16th Annual International Symposium on 23-25 September 2010 SAAA 2011 International Conference Audit Research 5th Workshop on Accounting and with IAAER Singapore Regulation George, South Africa Siena, Italy 1-3 September 2010 *IAAER Sponsored event 6th International Conference on 4-6 November 2010* Accounting, Auditing and Management 11th IAAER World Congress of in Public Sector Reforms Accounting Educators and Researchers Copenhagen, Denmark Singapore

Vol. 22 No. 1 36