This paper traces the evolution of the chief accounting and chief financial officers from minor figures in corporate governance for most of the 20th century to senior management positions by the late 1970s. The paper begins with the testimony before Congress of Arthur Tucker during the debates over the legislation that would become the 1933 Securities Act. Tucker's testimony resulted in the controller or chief accounting officer being included among those persons specifically listed as potentially liable for fraudulent statements or omissions under Section 11 of the Act. The impact of Tucker's efforts, the evolution of the legal liability of financial and accounting officers over the next several decades, the increasing complexity of corporate finance and financial reporting that led to the establishment of the CFO as a position second only to the CEO, and the place of the accounting officer among senior management, are analyzed in the subsequent sections.
{"title":"Bookkeeper-Controller-CFO: The Rise of the Chief Financial and Chief Accounting Officer","authors":"Michael E. Doron, C. R. Baker, K. D. Zucker","doi":"10.2308/aahj-52538","DOIUrl":"https://doi.org/10.2308/aahj-52538","url":null,"abstract":"This paper traces the evolution of the chief accounting and chief financial officers from minor figures in corporate governance for most of the 20th century to senior management positions by the late 1970s. The paper begins with the testimony before Congress of Arthur Tucker during the debates over the legislation that would become the 1933 Securities Act. Tucker's testimony resulted in the controller or chief accounting officer being included among those persons specifically listed as potentially liable for fraudulent statements or omissions under Section 11 of the Act. The impact of Tucker's efforts, the evolution of the legal liability of financial and accounting officers over the next several decades, the increasing complexity of corporate finance and financial reporting that led to the establishment of the CFO as a position second only to the CEO, and the place of the accounting officer among senior management, are analyzed in the subsequent sections.","PeriodicalId":43735,"journal":{"name":"Accounting Historians Journal","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45029773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Culture is a somewhat nebulous term, particularly in the context of accounting scholarship. Historically, it has been offered as a factor to explain many economic phenomena, including tax evasion. Utilizing Hofstede's (1980, 2001) cultural dimensions and data from the World Bank from 2005–2010, this study takes an exploratory approach to develop a stepwise, forward selection regression model to better illuminate this phenomenon vis-à-vis culture and economic structure. The results suggest, at least within the context of tax evasion, that cultural indices may be redundant in the presence of other readily available socio-economic indicators. This brings the age-old debate of culture versus structure to the forefront of accounting scholarship and policymaking.
{"title":"Culture versus Structure: A Critical Perspective on the Role of Culture in Tax Evasion","authors":"R. Hutchinson","doi":"10.2308/AAHJ-10659","DOIUrl":"https://doi.org/10.2308/AAHJ-10659","url":null,"abstract":"\u0000 Culture is a somewhat nebulous term, particularly in the context of accounting scholarship. Historically, it has been offered as a factor to explain many economic phenomena, including tax evasion. Utilizing Hofstede's (1980, 2001) cultural dimensions and data from the World Bank from 2005–2010, this study takes an exploratory approach to develop a stepwise, forward selection regression model to better illuminate this phenomenon vis-à-vis culture and economic structure. The results suggest, at least within the context of tax evasion, that cultural indices may be redundant in the presence of other readily available socio-economic indicators. This brings the age-old debate of culture versus structure to the forefront of accounting scholarship and policymaking.","PeriodicalId":43735,"journal":{"name":"Accounting Historians Journal","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45841920","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Both the business media and the popular press have emphasized the underfunding problems associated with pension funds that are set aside for state and local government workers, a group that also includes teachers and professors at state-affiliated colleges and universities. The realization that pension funds are typically underfunded stems from the fact that the accounting standards associated with state and local government employee pension funds have led to greater transparency since 2011. This paper examines, explains, and interprets the historical development over the last 70 years of accounting standards for state and local government pension funds in the United States. Changing accounting standards, along with economic and social change, have led to consequences such as employers transforming their pension programs to avoid substantial costs and significant liabilities, for example by changing from defined benefit to defined contribution plans.
{"title":"A Comprehensive Review of the Evolution of Accounting Standards for State and Local Government Pensions and Other Postemployment Benefits in The United States","authors":"D. L. Flesher, Craig Foltin, G. Previts, M. Stone","doi":"10.2308/AAHJ-52413","DOIUrl":"https://doi.org/10.2308/AAHJ-52413","url":null,"abstract":"\u0000 Both the business media and the popular press have emphasized the underfunding problems associated with pension funds that are set aside for state and local government workers, a group that also includes teachers and professors at state-affiliated colleges and universities. The realization that pension funds are typically underfunded stems from the fact that the accounting standards associated with state and local government employee pension funds have led to greater transparency since 2011. This paper examines, explains, and interprets the historical development over the last 70 years of accounting standards for state and local government pension funds in the United States. Changing accounting standards, along with economic and social change, have led to consequences such as employers transforming their pension programs to avoid substantial costs and significant liabilities, for example by changing from defined benefit to defined contribution plans.","PeriodicalId":43735,"journal":{"name":"Accounting Historians Journal","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43197175","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper reintroduces economist John Maurice Clark to the accounting academic community while investigating his role in the development of managerial accounting. Clark was a prominent American economist during the early half of the 20th century, whose first major book, Studies in the Economics of Overhead Costs (Clark 1923a), has been described by diverse authors as foundational to the field of managerial accounting, especially overhead estimation and differential analysis. An overview of Clark's life is provided, followed by discussion of the importance of his work to accounting. Citation counts of his work in various accounting journals reveal that although widely referenced by accounting scholars for a short time after the publication of Overhead Costs, his name then disappeared from the literature, and indicates that his work is underappreciated. The paper discusses why this lacuna in accounting history is significant, and gives possible explanations for why Clark's work has been overlooked.
{"title":"Reintroducing John Maurice Clark to the Accounting Academy","authors":"D. Collier","doi":"10.2308/AAHJ-52407","DOIUrl":"https://doi.org/10.2308/AAHJ-52407","url":null,"abstract":"\u0000 This paper reintroduces economist John Maurice Clark to the accounting academic community while investigating his role in the development of managerial accounting. Clark was a prominent American economist during the early half of the 20th century, whose first major book, Studies in the Economics of Overhead Costs (Clark 1923a), has been described by diverse authors as foundational to the field of managerial accounting, especially overhead estimation and differential analysis. An overview of Clark's life is provided, followed by discussion of the importance of his work to accounting. Citation counts of his work in various accounting journals reveal that although widely referenced by accounting scholars for a short time after the publication of Overhead Costs, his name then disappeared from the literature, and indicates that his work is underappreciated. The paper discusses why this lacuna in accounting history is significant, and gives possible explanations for why Clark's work has been overlooked.","PeriodicalId":43735,"journal":{"name":"Accounting Historians Journal","volume":" 39","pages":""},"PeriodicalIF":0.3,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41312044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines how the concept of “conservatism” evolved in historical and contemporary accounting writings using authoritative professional and academic documents. The paper reviews the application of conservatism in the FASB and IASB conceptual frameworks. A brief discussion of empirical research on conservatism is provided. Finally, the paper looks at the declining influence of conservatism in private company accounting principles in three selected countries: Belgium, Switzerland, and Japan. Conservatism is found to be a perennial issue in accounting practice and accounting standard setting. This concept has long been embedded in private company accounting in different countries. Its rationale, along with its conflict with neutrality have been debated for centuries.
{"title":"Conservatism in Accounting: A Reassessment","authors":"R. Bloom","doi":"10.2308/AAHJ-10641","DOIUrl":"https://doi.org/10.2308/AAHJ-10641","url":null,"abstract":"\u0000 This paper examines how the concept of “conservatism” evolved in historical and contemporary accounting writings using authoritative professional and academic documents. The paper reviews the application of conservatism in the FASB and IASB conceptual frameworks. A brief discussion of empirical research on conservatism is provided. Finally, the paper looks at the declining influence of conservatism in private company accounting principles in three selected countries: Belgium, Switzerland, and Japan. Conservatism is found to be a perennial issue in accounting practice and accounting standard setting. This concept has long been embedded in private company accounting in different countries. Its rationale, along with its conflict with neutrality have been debated for centuries.","PeriodicalId":43735,"journal":{"name":"Accounting Historians Journal","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41832895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The sudden collapse of Arthur Andersen & Co. (Andersen) in 2001–2002 altered the careers of many professionals who were employed by that international accounting firm. Now that many years have passed since that event, some long-run consequences can be quantified. This paper examines the subsequent careers of 267 managers employed by Andersen at that time in seven Midwestern U.S. cities. Benchmarking these results against similarly situated individuals at another large firm, we conclude that ex-Andersen managers were much less likely to continue in large firm employment, stay in public accounting, or achieve partnership status in the profession. However, the professional networks maintained by ex-Andersen people many years after that firm's collapse appear as strong as that of the control sample. Data Availability: Data are available from the first author upon request.
{"title":"Long-Run Career Consequences for Andersen's Putative Partners","authors":"R. Sellers, T. Fogarty","doi":"10.2308/AAHJ-10620","DOIUrl":"https://doi.org/10.2308/AAHJ-10620","url":null,"abstract":"\u0000 The sudden collapse of Arthur Andersen & Co. (Andersen) in 2001–2002 altered the careers of many professionals who were employed by that international accounting firm. Now that many years have passed since that event, some long-run consequences can be quantified. This paper examines the subsequent careers of 267 managers employed by Andersen at that time in seven Midwestern U.S. cities. Benchmarking these results against similarly situated individuals at another large firm, we conclude that ex-Andersen managers were much less likely to continue in large firm employment, stay in public accounting, or achieve partnership status in the profession. However, the professional networks maintained by ex-Andersen people many years after that firm's collapse appear as strong as that of the control sample.\u0000 Data Availability: Data are available from the first author upon request.","PeriodicalId":43735,"journal":{"name":"Accounting Historians Journal","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41755845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Searching for Bytes and Bits? An Early History of Computerized Tax Preparation through Advertisements in Accounting Journals","authors":"R. Walsh","doi":"10.2308/AAHJ-52187","DOIUrl":"https://doi.org/10.2308/AAHJ-52187","url":null,"abstract":"","PeriodicalId":43735,"journal":{"name":"Accounting Historians Journal","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42665202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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