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American Accounting Association2010 Northeast Region MeetingOctober 14-16, 2010Hilton Burlington Hotel60 Battery Street | Burlington, Vermont |
Speaker and Session Information
Friday, October 15, 2010
8:45AM – 10:00AM
Plenary Session: Standard Setting and the Conceptual Framework
James J. Leisenring, Senior Advisor, Financial Accounting Standards BoardMr. Leisenring completed his ten-year term on the International Accounting Standards Board (IASB) on June 30, 2010. He now serves as the Senior Advisor to the Financial Accounting Standards Board (FASB). He joined the staff of the FASB in 1982 as director of research and technical activities and became Chairman of the Emerging Issues Task Force when it was formed in 1984. He was appointed a member of the FASB in October 1987 and became its vice-chairman in January 1988. He served as chairman of the FASB Derivatives Implementation Group and the FASB Financial Instruments Task Force. He was also a member of the International Joint Working Group on Financial Instruments. He was the last chairman of the G4+1 group of standard setters before it disbanded in January 2001. Before the joining the FASB, he was a partner and director of accounting and auditing for Bristol, Leisenring, Herkner & Co of Battle Creek,, Michigan, a firm that is now part of Plante & Moran. He served as Chairman of the Auditing Standards Board of the American Institute of CPAs and has been a member of several other Institute committees. From 1964 to 1969 he was a member of the faculty of Western Michigan University. Mr. Leisenring received his BA from Albion College and an MBA from Western Michigan University. In 2003 he was elected by an international panel to the Accounting Hall of Fame.
Friday, October 15, 2010
10:30AM – 12:00pm
Session 1.1: FASB/IASB Memorandum of Understanding Project Overview and Update
Michael J. Kraehnke, Partner, Department of Professional Practice – Audit, KPMGBackground
Michael J. Kraehnke is a Partner in the Department of Professional Practice—Audit. In this capacity he is a U.S. GAAP and IFRS resource. He consults with engagement teams on complex accounting and SEC matters, develops the firm’s professional accounting literature, and designs and presents technical training for internal and external audiences.
Professional and Industry Experience Michael spent two years in KPMG’s Department of Professional Practice (2006 – 2008), where his responsibilities included assisting audit engagement teams in the resolution of complex accounting issues, writing interpretive guidance in KPMG publications, and instructing technical accounting topics at training events and webcasts for KPMG professionals and external participants.In 2010, Michael completed a two-year assignment as a practice fellow at the International Accounting Standards Board in London, United Kingdom. During his tenure at the IASB, Michael was responsible for addressing IFRS implementation issues. Michael also led various standard-setting projects at the IASB, including Rate-regulated Activities, Annual Improvements and Classification of Rights Issues and a number of IFRS Interpretations Committee (“IFRIC”) issues.
In 2002 and 2003, Michael was as a member of the U.S. GAAP Advisory Services Group in Amsterdam, the Netherlands. He served as a technical resource for his Netherlands, Belgium and Luxembourg colleagues resolving U.S. GAAP issues and taught U.S. GAAP training courses for KPMG professionals and external participants.
Michael began his career with KPMG’s Milwaukee office in 1999, where he served audit clients in a variety of industries.
Publications and Speaking Engagements
Michael has co-authored numerous KPMG Defining Issues articles. Michael is a frequent speaker at accounting update presentations for KPMG clients and other external organizations. He often presents on KPMG’s IFRS Institute webcasts and has been a panelist at a number of industry conferences, including the Edison Electric Institute/ American Gas Association Accounting Leadership Conference (2010).Friday, October 15, 2010
1:45pm – 3:15pm
Session 2.1: FASB Update
Philip B. Shane, Academic Research Fellow, FASBPhil Shane is a Professor of Accounting in the Leeds School of Business at the University of Colorado at Boulder and in the Auckland Business School at the University of Auckland. He also holds the Financial Accounting Standards Board (FASB) Academic Research Fellow position for the year beginning August 1, 2010. Professor Shane's research and teaching interests include financial statement analysis, the quality of financial reporting, market inefficiencies in the production and use of accounting information, and the role of accounting information in understanding societal effects of corporate activities. Recent teaching responsibilities include courses in financial statement analysis and doctoral seminars in accounting-related capital markets research. Prior to joining the University of Colorado, Dr. Shane taught in undergraduate, MBA, and doctoral programs at The Pennsylvania State University, the University of Auckland, the University of Arizona, San Diego State University, the University of Montana, and the University of Kansas. Prior to his academic career, he worked in the audit and tax areas at the Chicago office of PricewaterhouseCoopers. Dr. Shane received his B.S. degree in Accountancy at the University of Illinois and his Ph.D. in Business at the University of Oregon. His research appears in leading academic journals, including The Accounting Review, Contemporary Accounting Research, the International Journal of Forecasting, and the Journal of Accounting Research. Dr. Shane is active in the American Accounting Association and is a past president (2007-2008) of the association's Financial Accounting and Reporting Section (FARS).
Friday, October 15, 2010
1:45pm – 3:15pm
Session 2.2: The Ernst & Young Academic Resource Center (EYARC): an Overview of Resources and Discussion of IFRS Integration
In this session, Catherine Banks, EYARC Program Director, will share insights about the EYARC, its resources and discuss IFRS integration. The EYARC is a $3.3 million investment by the Ernst & Young Foundation to provide faculty with free, leading-edge resources to prepare students for the fast-changing, global marketplace. The EYARC is a collaboration of faculty and professionals and currently offers 32 modules of US GAAP and IFRS comparative curriculum.
Friday, October 15, 2010
3:45pm – 5:15pm
Session 3.1: The Expanding World of Fair Value: Fair Value Measurement and Disclosure GuidanceThis panel discussion is an update on the accounting for financial instruments project, the investment properties project, and the goodwill impairment EITF issue.
Saturday, October 16, 2010
9:00AM – 10:30AM
Session 4.1: Introduction to XBRL
Presenter: Clinton White, University of DelawareThe objective of this workshop is to introduce accounting educators to XBRL (eXtensible Business Reporting Language) and the XML technologies supporting business reporting and the “publication, exchange and analysis of complex financial information.” XBRL now includes taxonomies (dictionaries of standard terms) for financial reporting for all major categories of companies filing under US GAAP and for mutual funds filing risk and return information. All publicly traded companies that are classified by the SEC as accelerated filers are now required to “furnish” financial statements in XBRL format and all SEC registrants will be doing so by 2011. In addition, mutual funds must file risk and return information to the SEC in XBRL format beginning in 2011. Topics covered in this workshop will include at least the basics of XBRL financial documents, understanding and using XBRL taxonomies, and classroom applications. No prior knowledge of XBRL is expected. Workshop participants will work with classroom tested applications. The workshop leader will be Professor Clinton (Skip) White, Department of Accounting & MIS, University of Delaware.
Saturday, October 16, 2010
9:00AM – 10:30AM
Session 4.2: International Standards and the CPA Exam – Implications for EducatorsThe panel will focus on what to expect on the CPA Exam relative to International Standards for both financial reporting (IASB and IFRS) and auditing (IAASB and ISA). The panel will be divided as follows:
- Background on the IASB and IAASB and setting of International Standards
- Coverage in Financial Accounting and Reporting Section (FAR)
- Coverage in Auditing Section (AUD)
- Coverage in Business Environment and Concepts (BEC)
Content areas and types of questions that can be expected will be included, along with sample questions. Suggestions for incorporating these components into the curriculum will be covered briefly.
Saturday, October 16, 2010
10:45AM – 12:15pm
Session 5.1: Accounting Education: NASBA and IAESB Update 2010Traditional accounting education programs have been influenced, if not governed, by the local/state guidelines for licensure, applicable accreditation standards, and/or member organizations like the AAA and AICPA. The increased acceptance of the National Association of State Boards of Accountancy's Uniform Accountancy Act and the convergence of US GAAP and IFRS brings into question the validity/relevance of existing educational models. That may be the motivation for the AAA/NASBA task force on Accounting Education to be introduced at the 2010 AAA annual meeting in San Francisco where the current proposed revisions to IAESB (International Accounting Education Standards Board) education standards will also be presented. This panel, if not already on the program, would provide an update on the status of these efforts and what they mean for curriculum development, student advisement and licensure as a professional accountant.