The International Financial Reporting Standards and Their Implementation into the US Accounting System

This paper examines the differences between the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). The areas closely examined are the differences inrevenue recognition and reporting of intangibles. By investigating the differences in the two sets of standards I put into context the changes that would be necessary for domestic companies adopting the IFRS. The differences between these two standards are important because the implementation of IFRS into the U.S. is a current issue for domestic companies. It is important to note how the new standards will affect different companies in different ways. Depending on the size and industry, some companies will have a harder time transitioning to the new standards. However, once these companies make the transition to IFRS they will have better recognition and reporting of revenues and intangibles.

Minimum Quality Standards in Baseball and the Paradoxical Disappearance of the .400 Hitter

This paper argues (following Gould, 2003) that the disappearance of the .400 hitter in major league baseball is due, not to a decrease in ability at the top end of the talent distribution, but to better methods of screening out players at the low end of the distribution. The argument is related to the economic literature on minimum quality standards in markets with imperfect information.

Perhaps Triangulation Isn’t Enough: a Call for Crystallization as a Methodological Referent in NOS Research

This research compares the methodological tools employed in NOS research, with analysis of what the comparison implies about the structure of nature of science knowledge. Descriptions of practicing teachers’ nature of science conceptions were compared based on data collected from forced choice responses, responses to a qualitative survey, and course writing samples. Participants’ understandings were scored differently on the Views of Nature of Science Questionnaire (VNOS) than the forced-choice measure, Scientific Thinking and Internet Learning Technologies (STILT). In addition, analysis of the writing samples and observations combined with interviews portrayed more sophisticated, but more variable, understandings of the nature of science than was evidenced by either the survey or the forced-choice measure. The differences between data collection measures included the degree to which they drew upon context bound or context general reasoning, the degree to which they required students to move beyond the simple intelligibility of their responses and allowed students to explore the fruitfulness of the constructs, as well as the degree to which they revealed the interconnection of participants NOS conceptions. In light of the different portrayals of a participants NOS conceptions yielded by these different measures, we call for the use of crystallization as a methodological referent in research.

Debate over Fair Value Accounting: Should we allow Politics to take an active role in setting accounting standards or should we trust that the SEC knows best?

In light of the recent economic downfall, there has been significant media coverage on the topic of fair value accounting. There are many critics of the accounting rule, who place blame on it for the destruction of billions of dollars in capital between financial institutions. Other commentators, however, see the rule as necessary and applaud its ability to bring the turmoil in the economy into the spotlight promptly so that it could be addressed effectively. This paper will begin by conducting a study of fair-value accounting from its inception in previous standards and then follow it through to Statement No. 157. I will then discuss the SEC’s most recent study of FAS157 and their decision as a result of the study.