Readings

Accounting

Auditing Fees

Auditing Industry

Capital-Markets

Corporate-Governance

Credit-Crisis-09

Derivatives

Disclosure

Earnings-Announcement

Financial-Economics

Economics

Education
Fair Value

FASB-SEC

Humor

IFRS

Investments

Pro forma-Earnings

Research Appraisal

 

 

Restatements

Revenue Recognition

Review of research

Sarbanes-Oxley

Stock-Options

Tax

Videos, Movies

Write-downs

 


Standard Article Assignment




Audit Industry, Legal Environment, and Going Concern Reporting 120213

1 Going concern opinions in the "new" legal environment •  Geiger, Raghunandan • Questions

2 Audit Firm Size and Going Concern Reporting Accuracy   Geiger, Rama • 2PP • Questions


◊  Were Former Andersen Clients Treated More Leniently Than Other Clients? Evidence From Going-Concern Modified Audit Opinions • Questions •


Solyndra, Inc. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

2009-Big-Four-Firms-Performance-Analysis

A Change in How Auditors Work

Are Auditors Compromised by Nonaudit Services? Assessing the Evidence

Effective Use Of Benford's Law To Assist In Detecting Fraud In Accounting Data

Financial-Literacy-And-Expertise

Financial-Reform-And-The-Big-4-Audit-Firms.pdf

First Digit Phenomenon

GAO-  Continued Concentration in Audit Market for Large Public Companies Does Not Call for Immediate Action

PWC - Fallout from the financial crisis continues, as legislators and enforcement agencies sharpen their swords, A Securities Litigation Study

Testing the Financial Literacy and Expertise of Audit Committee Members

Use-Of-Benford's-Law-As-An-Aid-In-Analytical-Procedures


The cases: Central Bank Of Denver, N. A. • Private Securities Litigation Reform Act 120213


Disclosure and SEC Regulation 110424 191631

Regulation fair disclosure, analyst following, and analyst forecast dispersion • Afshad J Iran, Irene Karamanou 2003 • Questions •


Accounting Devils Hide in Footnotes - Dec 2005

Accounting Games Companies Play  - Knowledge@Wharton

Criminal conduct could be concealed in a thicket of detail Dec 2005

Deconstructing the Galleon Insider Trading Case

GE's Financial Units Help Boost Profit [Q]

Give 'Fair Disclosure' Time to Work

In Call to Deregulate Business, a Global Twist [Q]

Merrill Upped Ante as Boom In Mortgage Bonds Fizzled

Nortel Unveils New Accounting Flubs - Jan 12 2004

SEC Special Study: Regulation Fair Disclosure Revisited 

SEC Final Rule: Selective Disclosure and Insider Trading

Seeking an Edge, Big Investors Turn to Network of Informants [Q]  

Why accounting rules shouldn't drive strategy



Fair value Class Readings

Fair Value Reporting - Assignment

Benston, GJ; Fair-Value Accounting- A Cautionary Tale From Enron

James Cataldo and Morris McInnes SFAS 159 The Fair Value Option

FAS 157 • FAS 157 2PP 1 • FAS 157 2PpS 2

FAS 159 • FAS 159 2Pp

820-Fair-Value-Measurements-and-Disclosures: Part 1   • Part 2  • Part 3

 

Early adoption of FAS 159 to take advantage of a perceived "free pass"

BDO-Early-Adoption-Fair-Value-Measurements

Deloiitte Accounting Alert FAS 159 07-5

Early Adoption of SFAS No. 159 - Elaine Henry

The FAS 159 Mulligan

 

Sept 2008 Crisis Readings

SEC Office FASB Clarifications on Fair Value Accounting FOR IMMEDIATE RELEASE 2008-234, Sept. 30, 2008

SEC Letter Sent to Public Companies on MD&A Disclosure Regarding the Application of SFAS 157 (Fair Value Measurements), September 2008

FSP 157-3 Determining the Fair Value of a Financial Asset When the Market for That Asset

FASB-Understanding-the-Issues


April 09 Readings:
Congressional interference and pressure on accounting regulation

Emergency Economic Stabilization Act of 2008 • 2PpS

SEC Study on Mark-To-Market Accounting, April 2, 2009 Board Meeting 

FASB: Determining whether a market is not active and a transaction is not distressed

FASB: FSP FAS 157-e.pdf

U.S. Bancorp (USB); Look at page 133 for AfS reporting

Banks Get New Leeway in Valuing Their Assets

Congress-Pressures-FASB-to-Revise-Mark-to-Market

Congress-Helped-Banks-Defang-Key-Rule

 

Margin Call script - Read from page 58 onwards

 

BDO-FairValue-Questions and Answers-9-07-4

Blackstone-Tests-Fairness-of-Using-'Fair-Value'-Rule

Columbia-Principles-for-the-Application-of-Fair-Value-Accounting

Don't Blame Mark-to-Market for Banks' Problems

Does FASB Statement No. 157 Provide The Most Relevant Information for Financial Decision Making

Fair-Value’s-‘How’-Meets-‘When'

Fair value accounting - Understanding the issues - Ryan

Fair Value Reporting - CFA

Fair Value Accounting - AEI

FASB 157 upgrades the quality of financial reporting

Fitch - Analytical Implications of SFAS 157 and 159

Gauging the Worth of 'Market Value'

Gold at Crunch's End

James Cataldo and Morris McInnes SFAS 159 The Fair Value Option

Mark to Market Humor

Mark to Meltdown?  

MBIA's Book-Value View

Pay Attention to That Window Behind the Curtain

PWC - DataLine 2006-25 FASB Standard On Fair Value Measurements

PWC - DataLine 2007-12 Implementation of FAS 157 -- Fair Value Measurements Guidance

PWC - FASB-Issues-Clarifying-Guidance-on-Determining-Fair-Value.pdf

PWC - Guide to Fair Value Measurement (February 28, 2008, 206 pages)

PWC - Ignore Financial Reporting Valuation at Your Own Risk

PWC - PwC Survey Measuring Assets and Liabilities -- Investment Professionals' Views

Suing Wall Street Banks Never Looked So Shady.pdf

Ten-Arguments-Against-Mark-To-Market

U.S. Bancorp (USB)

Wall St. Points to Disclosure As Issue Accounting Rule Cited in Turmoil

Wave of Write-Offs Rattles Market Quest

When-a-Loss-Is-a-Gain

Will Fair Value Fly

 

 

 


Financial-Economics Readings
As Two Economists Debate Markets, The Tide Shifts

Black-Swan-First-Chapter

Black-Swan-Nyt-Review

Efficient-Markets-Hypothesis-Andrew-W-Lo

Fundamentals-or-emotions-McKinsey

How-A-Formula-Ignited-Market-That-Burned-Some-Big-Investors

How-Did-Economists-Get-It-So-Wrong-By-Paul-Krugman

In-Defence-Of-The-Dismal-Science-Robert-Lucas

Long-run-stock-returns-following-briloff's-analyses

Recipe-For-Disaster-The-Formula-That-Killed-Wall-Street

Revenge-Of-The-Nerd

Signaling-Nobel

The End of the Financial World as We Know

The-Great-American-Bubble-Machine-Matt-Taibbi

The-Nature-Of-Wealth

The-Truth-About-Health-Insurance


Cash-For-Clunkers-Results-Finally-In-Taxpayers-Paid-$24,000

Cea-Cash-For-Clunkers-Report-Final

The Man Who Shook Up Vegas


Anomalies The Winner's Curse - Thaler

Google's Winner's Curse

The Winner's Curse


IFRS

European-U.S. “GAAP Gap”: IFRS to U.S. GAAP Form 20-F Reconciliations • Henry, Stephen Lin, and Ya-wen Yang • Assignment • Questions • IFRS Foundation


 

Deloitte- On the road to IFRS

Deloiite-IFRS-and-US-GAAP_Pocket-Guide

Deloiite-IFRS-Insight-Sept2008

Delotte-International-Financial-Reporting

 

E&Y-US-vs-IFRS-The-Basics

PWC-IFRS and US GAAP similarities and differences

PWC-Implications of IFRS Conversion on US Tax Accounting Methods

PWC-IFRS-and-US-GAAP-similarities-and-differences

PWC-International-Financial-Reporting-StandardsInternational-Financial-Reporting-Standards

 

http://www.pwc.com/us/en/issues/ifrs-reporting/transition-to-ifrs-status.jhtml

Superbowl

NY CPAs IFRS Still Not Ready for the U.S. August 8, 2011.

NYSSCPA Issues Comment Letter on IFRS Roadmap

Roadmap - NYSSCPA respnse

Roadmap - SEC

SEC-Roadmap-Fed-Register

The Hard Sell

The-Inevitable-Move-to-IFRS-CPAJournal

Wanted: A Good Reason

 

http://ficpa-ifrs.wikispaces.com/Articles


FASB: International Convergence of Accounting Standards—Overview

Mary Schapiro Incoming Chair of the SEC, had her confirmation hearing in front of the Senate Banking Committee.   At 94:00 minutes in to the hearing, the talk turns to IFRS.  Video Link:

http://banking.senate.gov/public/index.cfm?FuseAction=Hearings.LiveStream&Hearing_id=ab9dda7a-3a2f-41f9-bb69-5b0c7c4e10fb

Questions:

What is Ms Schapiro's opinion about moving to IFRS



Restatements

1 Reputational Penalty For Aggressive Accounting- Earnings Restatements & Management Turnover; Desai, H, C Hogan, M Wilkins • Discussion Questions •

2 Financial Restatements GAO 2006 (Focus on pages 1-52); • Discussion Questions


3 Financial expertise-of-CFOs-and-accounting-restatements  • Discussion Questions


Analysis of the Underlying Causes Attributed to Restatements

Financial Restatements and Shareholder Ratifications of the Auditor

Financial Restatements GAO 2002

Financial Restatements GAO 2003 Letter

Financial-Restatements-GAO-2006 • Questions

Getting It Wrong

Why Do Investors Ignore Inquiries?

 

http://www.sec.gov/Archives/edgar/data/861884/000095012309052041/filename1.htm

 


http://www.huronconsultinggroup.com/ • Huron-2004-Report-On-Restatements

Can hobbled Huron Consulting survive?

Huron-2009-Restatements-July • Huron-2009-Restatements


SOX

Sarbanes-Oxley-Act • 2PP • SOX Assignment • Discussion Questions  •

Audit-Committee-Financial-Experts-A-Closer-Examination-Using-Firm-Designations • Standard Assignment • Discussion Questions


PCAOB: Independence and Audit Firm Rotation


CEO-and-CFO-Certifications-of-Financial-Information

Disclosure-of-Material-Weaknesses in Internal Control after the Sarbanes-Oxley Act

Financial Expertise of CFOs and Accounting Restatements

Goodbye to Reforms of 2002

Is Sarbanes-Oxley a failure

KPMG-Sarbanes-Oxley

Meet-The-Experts

PWC-SOX-Act-Section-404-Practical-Guide

PWC-Sox-Act-White-Paper

Sarbanes-Oxley Lifts Some Directors Pay


Sarbanes-Oxley on Trial  

US Supreme Court - Free Enterprise Fund v. Public Company Oversight Board

http://www.supremecourt.gov/opinions/09pdf/08-861.pdf

SMALL AUDIT FIRM PREVAILS OVER BIG GOVERNMENT


Stock Options Readings

Congressional Intervention In The Standard Setting Process An Analysis Of The Stock Option Accounting; Farber, David B, Marilyn F Johnson, and Kathy R Petroni •   • Assignment  • Questions

Trouble With Stock Options; Hall, Brian J; Kevin J Murphy • • This is a review paper and not a standard research paper.  Write a summary of the main points and answer Why do companies really grant stock options and what is the case for expensing stock options? (BP response)


Managing Pro Forma Stock Option Expense Under SFAS No 123; Balsam, Steven, Haim A Mozes, and Harry A Newman • Assignment  • Questions •  

On The Timing Of CFO Stock Option Awards; Lie, E  • Assignment • Questions • 


FASB ASC 718-10 Stock Compensation - Overall

FASB ASC 718-20 Stock Compensation - Equity

Case: FAS 123(R), Share-Based Payment A multidisciplinary approach Price Waterhouse Coopers; This PWC manual is 400 pages long.  Look at chapter 3 and chapter 7 first part.  Redo case 7-1 in the manual with the numbers in


http://www.cboe.com/DelayedQuote/QuoteTable.aspx

Accounting for Employee Stock Options by  Kirschenheiter, Mathur & Thomas

Primer for companies hit by the stock options scandal

Deloitte - Share-Based Payment

Does Backdating Explain The Stock Price Pattern Around Executive Stock Option Grants; Heron, RA, E. Lie

Optimal-Exercise-Prices-For-Executive-Stock-Options

He's Making Hay As CEOs Squirm

Just Lucky A Statistical Test for Option Backdating

Levin and McCain Introduce Bill to End Excessive Corporate Deductions for Stock Options

NERA-1-Options-Backdating-A-Primer

NERA-2-Options-Backdating-Accounting,-Tax,-and-Economics

NERA-3-Options-Backdating-Statistics-of-Luck

NERA-4-Do-Options-Backdating-Class-Actions-Settle-For-Less

NERA-5-Update-Do Options Backdating Class Actions Settle For Less

On the Accounting Valuation of Employee Stock Options

Option-Pricing-A-Simplified-Approach

Options Trial to Take New Tack WSJ Mar 2010

Pepsi96-Extract

Pepsi09-Extract

PWC FAS 123(R), Share Based Payment

Self-Deal-CEOs-Nahhh

Washington-Is-Killing-Silicon-Valley

What Fraction Of Stock Option Grants To Top Executives Have Been Backdated Or Manipulated; Heron, RA, E Lie