Accy 303: Spring 2000 Rajib Doogar 343C Wohlers Hall doogar@uiuc.edu 244-8083 www.cba.uiuc.edu/doogar/303

TA/Communications Sally FitzGibbons 205 Survey, 333-6412 sfitzgib@students.uiuc.edu Joanne Slutsky, Communications 213 DKH, 333-4567 slutsky@uiuc.edu

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

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.

Organizing Question 1 WHY accounting? Why REGULATE 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.

Accounting as Conflict Resolution Investors Suppliers Intermediaries: Advisors, Analysts Investment Opportunity Managers Auditors Solid = resources; dots = information Customers

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 SEC FASB Standards Preparers/Assurers (Clients and firms) Solid = legal; dots = influence

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

Organizing Question 3 Organizing Question 4 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.

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)

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!

Today’s 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? TAKE NOTES AS YOU WATCH

Last things Personal Information Sheet. Name Cards. Accy 191 signup … will notify Bring picture to class.