Accy 303: Spring 2000

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Accy 303 Spring 2000

• Rajib Doogar
• 343C Wohlers Hall
• doogar_at_uiuc.edu
• 244-8083
• www.cba.uiuc.edu/doogar/303

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TA/Communications

• Sally FitzGibbons
• 205 Survey, 333-6412
• sfitzgib_at_students.uiuc.edu
• Joanne Slutsky, Communications
• 213 DKH, 333-4567
• slutsky_at_uiuc.edu

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Today

• Syllabus
• Video
• Discussion
• Personal Information Sheet
• Bring a passport size photograph of yourself to
  class Tuesday (copy UI id?)

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Syllabus

• 14 pages, including list of readings and daily
  schedule of work
• Reading and Assignment packets (sold separately)
  available at Dup-it.
• ANY intermediate accounting text will do.

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Organizing Question 1

• WHY accounting?
• historical factors
• in an age of market capitalism
• Why REGULATE accounting?
• Conflicting interests, whose agenda chosen?
• Accounting too important to be left to the
  accountants.

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Accounting as Conflict Resolution
Investors
Suppliers
Intermediaries Advisors, Analysts
Investment Opportunity
Managers
Auditors
Solid resources dots information
Customers
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The Accounting Regulatory System
HOW is accounting regulated in the United States?
Red Public Green Private
Professional Organizations (AICPA)

• Congress Securities Acts of 1933 1934

FASB
SEC
Standards
Preparers/Assurers (Clients and firms)
Solid legal dots influence
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Organizing Question 2

• How is the US Profession organized and regulated?
• What key economic and political challenges does
  the profession face today?
• What does FASB do?
• What does the SEC do?
• Emerging Issues
• Auditor Independence, International Accounting

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Organizing Question 3

• How do taxes affect (regulate) behavior?
• How are tax regulations applied?
• Organizing Question 4
• What do practicing accountants really do?
• Applying the FASB framework to develop custom
  solutions.

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Workload Grading 1

• 4 reaction papers (1/25, 2/6, 2/13, 3/22)
• 1 page each, on a reading
• SEC information retrieval (3/8)
• Seagram and Dupont tax assignment (4/5)
• Exxon assignment (4/24)
• 9 In-class exercises (keep best 8)
• tests of short-term recall
• 10 Quiz question preparation tasks (keep 9)
• 3 Quizzes (2/8, 3/1, 3/29)

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Workload Grading 2

• 3 major group projects (oral and written)
• Comment letter project (2/27)
• SEC testimony analysis (3/27)
• Applied research case (4/26)
• Final exam (no midterm)
• Class participation (every day)
• Self-report peer evaluations.
• NO LATE WORK! NO EXCEPTIONS!

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Todays video

• Does accounting matter?
• Who does it matter to?
• Why?
• What methods do interested parties use?
• What language and reasoning are used?
• What do you think is the likely outcome?
• Why?

TAKE NOTES AS YOU WATCH
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Last things

• Personal Information Sheet.
• Name Cards.
• Accy 191 signup will notify
• Bring picture to class.