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Topics: International Financial Reporting Standards, International Accounting Standards Board, Financial statements Pages: 6 (1948 words) Published: September 7, 2014
Accounting 381
Reading Assignment 1: Accounting and Professionalism

Due: Tuesday, January 12, 2010 (at beginning of class). Please be prepared to discuss the questions and your responses in class on this date.

Required: Answer the following questions based on your examination of the readings listed below. This should be completed on an individual basis. Your discussion should be no more than 2 pages in length, single-spaced. You do not need to use a particular format to prepare your discussion. However, your responses should be clearly presented. The first reading can be found in the e-reserves (see syllabus for instructions to access this material) under the subfolder “Book chapter/non-PSU article.” The second reading, “wyatt2004.pdf” can be found in the e-reserves under the subfolder “Articles from PSU library.”

Applicable Readings and Questions:

Harvey Kapnick. 1974. “In the Public Interest.” Accounting and Financial Reporting. Arthur Andersen, Chicago: 1 – 11.

1. What does Kapnick believe should be the role of public accountants? 2. Why does the author say that accountants have responsibility to more stakeholders than just management and boards of directors? 3. Where do you think the author would stand on today’s debate over fair value vs. historical cost valuation? 4. Do you think the author would today approve of adopting international accounting standards? 5. What are the two fundamental characteristics that distinguish individuals who choose careers in a profession? 6. What did you think is the main “take-away” of the article?

Arthur Wyatt. 2004. “Accounting professionalism – they just don’t get it!” Accounting Horizons 18 (1): 45-53.

7. Based on the reading, why did the relative success of consultants in audit firms create pressure on auditing and tax practices to grow revenues and increase margins? 8. According to Wyatt, what effect did hiring experienced personnel have on firms? 9. According to Wyatt, what was the impact of consulting services on auditor independence? 10. What steps does Wyatt recommend to accounting firms in returning to professionalism?

Accounting 381
Reading Assignment 2: Conceptual Framework and Ethics Theories

Due: Thursday, January 14, 2010 (at beginning of class). Please be prepared to discuss the questions and your responses in class on this date.

Required: Answer the following questions based on your examination of the readings listed below. This should be completed on an individual basis. Your discussion should be no more than 2 pages in length, single-spaced. You do not need to use a particular format to prepare your discussion. However, your responses should be clearly presented. The first two readings can be accessed from the URL link provided. The third reading, “ethics_of_org_politics-1.pdf,” can be found in the e-reserves under the subfolder “Articles from PSU library.”

Applicable Readings and Questions:

“Why does the FASB have a Conceptual Framework?”
http://www.fasb.org/articles&reports/conceptual_framework_uti_aug_2001.pdf

1. How does the Conceptual Framework aid in the GAAP standard setting process?

“Relevance and Reliability” http://www.fasb.org/articles&reports/relevance_and_reliability_tfr_feb_2005.pdf

2. Give an example of when the receivables presented in the balance sheet might not be representationally faithful.

3. According to the article, what are the three key aspects of verifiability?

4. What is measurer bias?

5. What is measurement bias?

6. Does depreciating the cost of an asset over its useful life better reflect a process of valuation or a process of allocation?

7. What was your main take-away from this article?

Cavanagh, Gerald F., Moberg, Dennis J., and Velasquesa, Manuel, “The Ethics of Organizational Politics,” Academy of Management Review, Volume 6, No. 3, 1981, pp. 363-374.

8. Describe each of the three kinds of moral theories discussed in the paper....
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