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Success Leaves Clues: Exploring Next Practices of Extraordinary Firms: The End of Accounting?

04.24.18 1:00PM – 04.24.18 3:00PM

Details

Credits
2.00

Level
Overview

Fees

Member Fee
$60.00

Nonmember Fee
$94.00

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General Info

Description

When a CEO was asked what keeps him up at night, his response was, "Relevancy of our core products." In that case, The End of Accounting, by Professor Baruch Lev and Feng Gu, should contribute many sleepless nights to the entire accounting profession. The accounting model is suffering from what philosophers call a deteriorating paradigm—the theory gets increasingly complex to account for its lack of explanatory power.

Generally accepted accounting principles (GAAP) fits an industrial enterprise, not an intellectual one. Despite this, a majority of the developed world’s wealth resides in human capital; the type of capital not found in traditional GAAP financial statements. The End of Accounting finds that today's financial reports provide a trifling five to six percent of the information relevant to, and used by, investors. Learn more about this topic and what can be done.

Materials are provided as an ebook for this course.

Highlights
  • Why accounting is suffering from a deteriorating paradigm.
  • Accounting is not a theory and therefore cannot deal with value in the future.
  • The Strategic Resources & Consequences Report as a supplement to traditional financial statements.
  • If The End of Accounting applies to public companies, does it apply to private companies?
Objectives
  • Determine how accounting lost relevance.
  • Identify why is relevance lost.
  • Determine what can be done.
  • Identify implementation.
Designed For

Any CPA interested in the future of accounting and how financial reporting could better serve investors and other stakeholders in organizations

Vendor
CalCPA Education Foundation
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