Two Vanderbilt professors have issued the fourth edition of their iconic textbook, Advanced Accounting (John Wiley and Sons).
The authors, Debra Jeter and Paul Chaney, say each new edition adapts to changes in accounting standards and laws, and this edition is no exception, with each chapter taking into account a possible changeover in the United States to International Financial Reporting Standards (or IFRS).
IFRS already are used in most of the world and regulated by the International Accounting Standards Board. In the United States, accounting standards are regulated by the U.S. Securities and Exchange Commission through the U.S. Financial Accounting Standards Board. No timetable has been set for a possible convergence of the two systems, which use different valuation instruments.
After remaining stable for many years, accounting practices have changed dramatically since 2001 when the first edition of Advanced Accounting was published, according to Jeter and Chaney. Even the accounting rules themselves have been re-numbered to look more like IRS code, they said.
Chaney, professor of management at Vanderbilt’s Owen Graduate School of Management, is the author of a landmark study, “Shredded Reputation: The Cost of Audit Failure,” that found a direct correlation between the public perception of an auditor’s reputation and a company’s market value. The study received significant news coverage in the wake of the Andersen-Enron debacle.
Jeter, associate professor of accounting, has been active internationally in recent years, teaching at the Vlerick School of Management in Ghent, Belgium in the International Executive MBA program. In addition to her duties at Vanderbilt, she has served as a visiting research professor at the University of Auckland, New Zealand, making annual visits to collaborate on academic research. The city of Auckland is featured on the textbook’s cover.
Media contact: Jennifer Johnston (615) 322-NEWS