Webcast: Success Leaves Clues: Exploring Practices of Extraordinary Firm: End of Acctg? (XCSLEEA18)
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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.

4/24/2018
When: 04/24/2018
12:00 PM until 2:00 PM
Where: Webcast
CALCPA
4173413A
United States
Presenter: Ronald Baker


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Acronym XCSLEEA18
CPE 2 hours
Vendor CalCPA
Category
Management
Level Overview
Prerequisite None
Adv Prep None
Yellow Book? No
Designed for Any CPA interested in the future of accounting and how financial reporting could better serve investors and other stakeholders in organizations
Registration
Member $60
CPA Non-Member $94

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course 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.

Objectives

  • Determine how accounting lost relevance.
  • Identify why is relevance lost.
  • Determine what can be done.
  • Identify implementation.

Major Topics

  • 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?

Note: Login instructions will be provided by the webcast vendor (CalCPA).