Lisa Koonce asked a question about a particular company’s accounting the other day. Now it is my turn. As you probably heard, Apple early adopted some new revenue guidance that allows them to recognize the bulk of IPhone revenue at delivery rather than over the subsequent 24 months. The early adoption required retrospective adoption, so [...] Read more > >
One of my current “traditional” masters students in accounting (traditional = comes in for a one-year degree only, having gotten a bachelors degree elsewhere) is a 35 year old fellow with a law degree from U of Iowa… worked at the bankruptcy court in St. Louis. Really bright fellow who looked like he thought he’d [...] Read more > >
UPDATE: The Audio for the discussion is available here. One reason I was sad to miss this year’s JAE conference was that I didn’t have the chance to hear comments on “From Low-Quality Accounting to Financial Crises: Politics of Disclosure Regulation Along the Economic Cycle“, by Jeremy Bertomeu and Bob Magee. From the abstract: This [...] Read more > >
After clicking on “more” at the bottom of the first page of this post, click HERE for the audio of the revenue recognition round table. You can also see the slides by clicking HERE. Read more > >
In teaching my Principles of Financial Accounting class last week, I stumbled across an observation I hadn’t noticed before. I explained to my students that as a business strategy to expand sales, companies offer a range of incentives to their customers: discounts for paying early, rights to return merchandise, warranties, and credit. However, I then [...] Read more > >
Test post. Read more > >
Deferred taxes are hard for most of us to think about .. who goes around thinking about the two sets of rules and then time differences. Two sets of differences – the human brain doesn’t do so well there. Some are trained to do this, so it probably comes easy to them, I suppose. Anyway, [...] Read more > >
In a paper just posted on SSRN, Cornell PhD student Young-Jun Cho and I assess the performance of a stock market called SLCapex. From the abstract: SLCapex is a stock exchange owned and operated by “residents” of the online virtual world Second Life. Despite its almost complete lack of regulation and legal protections against fraud [...] Read more > >
In a paper just posted on SSRN, Cornell PhD student Young-Jun Cho and I assess the performance of a stock market called SLCapex. From the abstract: SLCapex is a stock exchange owned and operated by “residents” of the online virtual world Second Life. Despite its almost complete lack of regulation and legal protections against fraud [...] Read more > >
The recent issuance of CON8 provides some fascinating insights into the the FASB and IASB think about the economic consequences of their standards. In 2008, the FASB and IASB wrote the exposure draft of what would become CON8 (“Exposure Draft of Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and [...] Read more > >