The activities to achieve the Center’s mission also are broadly in support of the mission and objectives of the Department of Accounting and Information Systems. The activities are organized in three broad areas:
- Professional Development – activities and programs primarily directed at students to support career planning and development of professional competencies.
- Professional Education – presentations, workshops, and other educational activities to support professional education for students, faculty, and alumni.
- Accounting Research – support of research workshops, funding for research assistants, and funding of accounting research on financial reporting and control. Summaries of Center activities are presented below.
Future is Now
On an annual basis, beginning in 1996, the Center has supported the “Future is Now” Program. This innovative day and one-half program helps inform students about accounting career paths and serves as a key recruiting tool for the IMACC Program. Click here (Future_is_Now_2010) for a summary of the Future is Now Program for 2010. The Center supports several follow-up activities to promote the accounting major and Professional Programs and various events to build esprit de corps among students in the Professional Programs. (click here for 2010 slide show)
Deloitte Case Competition
For the fifth year, the Center co-sponsored a case competition for students in intermediate accounting. The on-campus competition is held in the fall semester with the winning team advancing to the national competition on an every-other-year basis. Approximately 25 students worked in 4-5 student teams for the on-campus competition. The case studies are based on difficult accounting issues developed by Deloitte LLP practitioners. In the seminar, each student team solves cases with the support of a faculty advisor and a Deloitte & Touche manager. The team of Andrew Buss, Cassie Daavettila, Monroe Gierl, Lee Maier, and Katelyn Welsh won the Madison competition.
The Center supports presentations and other activities to educate faculty, students, and alumni on emerging accounting and accounting professional issues.
KPMG Program on International Accounting -- In May, 2010 the Center co-sponsored a presentation on International Accounting and Convergence by Terry Iannaconi of KPMG's Dept. of Professional Practice and Lindsay Hammerer of the KPMG Milwaukee office. This session has been organized to support international accounting assignments as part of our IFRS-Ready Grant (see below). Terry and Lindsay provided background and an update on international accounting convergence and discussed some of the specific differences between U.S. GAAP and IFRS for revenue recognition, leases, and post employment benefits. Click here to view the slide deck for the KPMG 2010 IFRS presentation.
IFRS Curriculum Grant -- The Director worked with Professor R.D. Nair to develop a curriculum development proposal to address international accounting and related institutional knowledge needed to understand emerging international accounting and auditing practices. The proposal was awarded a $50,000 grant to develop IFRS materials that will infused across the accounting curriculum. The development work by 13 Department faculty and staff began in the spring/summer of 2009 with implementation during the 2009-2010 academic year. The development work and delivery of the initiative elements will be performed by faculty with teaching responsibility for the affected courses in consultation with the proposal coordinators. Additional information on the IFRS-Ready grant can be found at the following link (IFRS-Ready Grant).
FASB Post-Graduate Technical Assistant (PTA) Program – UW Accounting Alums have been selected to serve in the one-year PTA positions for the past several years. The Center is planning a panel discussion in the Fall of 2009, which will provide an update on issues at the FASB and provide information about the PTA program.
The Center has funded activities that not only support the Program but also advance the financial reporting mission of the center. For example, The Center has funded annually Research Assistantships for students in the five year program. These students work for faculty on research-related and curricular tasks as needed. The Center also supports the Arthur Andersen Research Workshop and provides direct funding in support of faculty and doctoral student research.
Arthur Andersen Research Workshop
The Department has an active research program with participation by both faculty and PhD students. This one-and-one-half hour workshop (about three per month) provides a forum for ongoing accounting research being conducted by leading accounting scholars, the faculty, and PhD students. Outside speakers also meet with faculty and students to discuss research and other professional issues.
- Larry Brown (Georgia State University) The Importance of Stock Recommendation-Earnings Forecast Consistency
- Amy Hutton (Boston College) Prior Forecasting Accuracy and Investor Reaction to Management
- Audrey Gramling (Kennesaw State University) Triennially Inspected Audit Firms and their Reporting Decisions for Financially Distressed Clients
Jae Yong Shin (U. of Illinois at Urbana-Champaign) Relative Performance Evaluation and Related Peer Groups in Executive Compensation Contracts
- Lloyd Tanlu (U. of Washington) Are Managers Unable or Unwilling to Revise Earnings Forecasts?
- John Jiang (Michigan State University) What is the Impact of Eliminating the Reconciliation between IFRS and US GAAP? Early Evidence
- Greg Miller (U. of Michigan) Dissemination and Information Asymmetry: The Role of Twitter as an Alternate Communication Channel
- Chan Li (U. of Pittsburgh) The Association between Auditors’ Going-Concern Opinions and Management Forecasts for Financially Distressed Firms
- Ranjani Krishnan (Michigan State University) Institutional Drivers of Cost Shifting in Nonprofit Hospitals
In addition, research presentations were made by the following University of Wisconsin faculty and PhD students: Xia Chen, Shana Clor-Proell, Ella Mae Matsumura, Brian Mayhew, Laura Michalski (PhD candidate) Tim Keune (PhD candidate), Marsha Keune (PhD candidate), Heather Pesch, (PhD Candidate), Dan Wangerin (PhD candidate).