CPA, State of Pennsylvania (inactive)
Ph.D., University of Pennsylvania
M.A., University of Pennsylvania
A.B., Franklin & Marshall College
One area of my research concerns financial reporting by not-for-profit organizations. Several years ago, I completed a research project for 5 major museums concerning how their collections should be reported in their external financial statements. The results of the study were published by the American Association of Museums as a research monograph, "Accounting for Museum Collections and Contributions of Collection Items." More recently, I was a consultant to the Not-for-Profit Committee of the American Institute of Certified Public Accountants. In that capacity, I assisted in drafting the audit and accounting Guide, "Not-for-Profit Organizations," that provides authoritative guidance for the preparation and audit of all not-for-profit organizations' financial statements.
My second area of research concerns the ethical behavior of auditors. I was Associate Project Director for the Independence Standards Board in New York, working on the development of a Conceptual Framework for auditor's independence. Under present US law, auditors must be "independent" of the organizations they audit. Many regulations have been issued by the SEC and Congress that describe various activities between auditors and their clients that are proscribed or limited. The Independence Standards Board developed a conceptual framework to serve as a foundation for analyzing a wide range of auditor independence issues.
I recently completed a three-volume series of books dealing with how stakeholders can use financial statements and related information to support investing and lending decisions. Those books, co-authored with Prof. Emeritus Glenn Stevens, were published by BNA Bloomberg. I am currently working on a related research project related to environmental accounting. The first part of the project looks at how U.S. companies are communicating with stakeholders about greenhouse gas emissions and other climate change impacts. The second part will discuss the role of the Sustainability Accounting Standards Board (SASB), a private sector group that is developed an industry-based system for reporting information about companies' environmental, social and governance (ESG) performance.
“Revenues and Receivables” (with Cynthia L. Krom and Henry R. Jaenicke), in D. R. Carmichael and Lynford Graham (eds.), Accountants’ Handbook, 12th ed. New York: John Wiley & Sons, Inc., 2012, ch. 12.
Financial Statement Analysis: Quantitative Techniques-Analyzing Solvency, Price Multiples, and Cash Flow (with Glenn L. Stevens), Accounting Policy and Practice Series, Washington: BNA Tax Management Inc., 2010 and 2012.
Financial Statement Analysis: Quantitative Techniques-Analyzing Liquidity, Profitability, and Asset Utilization (with Glenn L. Stevens), Accounting Policy and Practice Series, Washington: BNA Tax Management Inc., 2010 and 2012.
Financial Statement Analysis: Qualitative Techniques (with Glenn L. Stevens), Accounting Policy and Practice Series, Washington: BNA Tax Management Inc., 2009 and 2014.
Accounting for Museums (with Martha L. Benson), Accounting Policy and Practice Series, Washington: BNA Tax Management Inc., 2006.
“An Ethical Framework for Auditor Independence,” (with Thomas W. Dunfee, Henry R. Jaenicke, Susan McGrath, and Arthur Siegel), in George G. Brenkert (ed.), Corporate Integrity & Accountability. Thousand Oaks, CA: Sage Publications, Inc., 2004. pp. 72-86.
Review of Professional’s Guide to Value Pricing, 3rd edition by Ronald Baker, Pennsylvania CPA Journal (Spring 2003), p. 7.
“A Pathology of the Independence Standards Board’s Conceptual Framework Project” (with Henry R. Jaenicke), Accounting Horizons (December 2002), pp. 329-52.
Review of The Search for Dignity at Work by Paula M. Rayman, Pennsylvania CPA Journal (Summer 2002), p. 22.
“Assessing Your Audit Firm’s Independence Guidance for Audit Committees” (with Susan McGrath, Arthur Siegel, Thomas Dunfee, and Henry Jaenicke). <www.boardmember.com> (October 2001).
Staff Report: A Conceptual Framework for Auditor Independence (with Henry R. Jaenicke, Arthur Siegel, Susan McGrath, Richard H. Towers, and Thomas W. Dunfee). New York: Independence Standards Board, July 2001.
Review of Valuing a Business: The Analysis and Appraisal of Closely Held Companies by Shannon P. Pratt, Robert F. Reilly, and Robert P. Schweihs, 4th ed., Pennsylvania CPA Journal (Spring 2001), p. 46.
“A Framework for Auditor Independence” (with Susan McGrath, Arthur Siegel, Thomas W. Dunfee, and Henry R. Jaenicke), Journal of Accountancy (January 2001), pp. 39-42.
“Coping With NPO Standards -- It’s Not Difficult” (with Martha L. Benson and Henry R. Jaenicke), Journal of Accountancy, September 1998, pp. 67+.
“Best Practices for CPA Firms” (with Sheri L. Fabian), Journal of Accountancy, September 1997, pp. 93-97.
Best Practices for Accounting Consultations. Jersey City: American Institute of Certified Public Accountants, 1997.
“New AICPA Audit and Accounting Guide for NPOs” (with Henry R. Jaenicke, Joel Tanenbaum, and Kenneth D. Williams), Journal of Accountancy, November 1996, pp. 63-68.
“The Dollar Value of Volunteers” (with Susan J. Ellis), From the Top Down, rev. ed., Philadelphia: Energize, Inc., 1996, pp. 157-79.
“Implementing FASB 116 and 117” (with Martha L. Benson, Henry R. Jaenicke, and Kenneth D. Williams), Journal of Accountancy, September 1995, pp. 41-46.
Small Colleges’ Responses to the 150-Hour Requirement” (with Martha K. Nelson), Pennsylvania CPA Journal, October 1994, pp. 18-19.
“Art and Historical Treasures: A Solution to the Museum Collection Controversy” (with Henry R. Jaenicke), CPA Journal, March 1992, pp. 46+.
“Corporate Merger Trends in the United States and Prospects for the 1990's,” Tohoku Gakuin University Review (Economics), December 1991, pp. 119-34 (in Japanese).
“The Conceptual Framework, Museum Collections, and User-Oriented Financial Statements” (with Henry R. Jaenicke), Accounting Horizons, December 1991, pp. 28-43.
“Auditing Museum Collections” (with Henry R. Jaenicke), CPA Journal, August 1991, pp. 55-57.
“Accounting for Contributions and Collection Items” (with Henry R. Jaenicke), CPA Journal, July 1991, pp. 34-40.
Accounting for Museum Collections and Contributions of Collection Items (with Henry R. Jaenicke). Washington: American Association of Museums, 1991.
“Accounting Education and Ethical Development: The Influence of Liberal Learning on Students and Alumni in Accounting Practice” (with Lawrence Ponemon), Issues in Accounting Education, Fall 1990, pp. 195-208.
“For What It's Worth” (with Abraham Shore), Pennsylvania CPA Journal, Fall 1990, pp. 7-9.
“Acquisition Bridge Financing by Investment Banks,” Business Horizons, September-October 1989, pp. 49-53.
“Syllabus for BUS 85--Mergers and Acquisitions,” Accounting Trends, 22nd ed., New York: McGraw Hill Book Co., 1988 and 24th ed., 1990.
Review of Accounting Standards in Evolution by Ross M. Skinner, Accounting Review, April 1988, pp. 372-74.
“Why Faculty Want to Talk With Employers,” Monitor, April 1987, p. 4.
“Financing Alternatives for Mergers, Acquisitions, and Buyouts,” Pennsylvania CPA Journal, Fall 1986, pp. 10-12, 14.
“Syllabus for BUS 80--Seminar in Financial Accounting,” Accounting Trends, 20th ed., New York: McGraw-Hill Book Co., 1986, pp. 12-16.
“Internal Auditing: A New Look at an Old Function” (Interview with Alan S. Glazer and Henry R. Jaenicke), Viewpoint, 1980, first edition.
A Framework For Evaluating an Internal Audit Function (with Henry R. Jaenicke). Altamonte Springs, Florida: The Institute of Internal Auditors, 1980.
“Developing a Method for Evaluating an Internal Audit Function” (with Henry R. Jaenicke), Internal Auditor, April 1979, pp. 60-66.
“An Investigation of the Effects of Alternative Auditor’s Reports in the Presence of Litigation Uncertainties” (unpublished Ph.D. dissertation, 1978).
I teach accounting courses at the introductory and upper levels. I also teach a senior seminar on mergers and acquisitions.
Recent internships I've supervised:
Lancaster County Business Group on Health (Health Care, Lancaster)
Barclays Investment Banking (NYC)
Cambridge Associates (Equity Research Analysis, Arlington, VA)
Citigroup (Investment Banking, NYC)
Clark Associates (Restaurant Supply, Lancaster)
The Barbarian Group (Marketing Consulting, NYC)
Temple University Health System (Financial Analysis, Philadelphia)
DN International (Commercial Real Estate, Houston)
PFM Asset Management (Harrisburg)
Merrill Lynch (Retail Brokerage, Lancaster)