Accounting, Accountability, and Liberty


This colloquium examined the importance of accounting as a tool for corporate governance and the adequate exercise of the fiduciary duties of corporate executives as agents responsible for the private property of their principals. Conferees explored whether widely used accounting standards are effective in promoting efficiency and accountability.


Conference Readings

Indiana Telephone Corporation Annual Report, Year Ended December 31, 1972 (Indianapolis, 1972).

re Kingston Cotton Mill Company (No. 2) (1896),   (United Kingdom Court of Appeal 1896).

Caparo Industries v. Dickman,   (House of Lords 1990).

Alex Dontoh, Joshua Ronen and Bharat Sarath. “Financial Statements Insurance, August 17, 2004 [New York University Working Paper Number 2451/27449] .” Social Science Research Network. (March 24, 2010).

Ball, Ray. “International Financial Reporting Standards (IFRS): Pros and Cons for Investors.” International Accounting Policy Forum. (March 24, 2010).

Block, Cheryl D. “Congress and Accounting Scandals: Is the Pot Calling the Kettle Black? [Nebraska Law Review Vol. 82, 2003] .” Social Science Research Network. (March 24, 2010).

Bushman, Robert M. and Abbie J. Smith. “Financial Accounting Information and Corporate Governance [April 2001] .” Social Science Research Network. (March 24, 2010).

Coffee, John C., Jr. Gatekeepers: The Professions and Corporate Governance. Oxford: Oxford University Press, 2006.

Cunningham, Lawrence A. “The Appeal and Limits of Internal Controls to Fight Fraud, Terrorism, Other Ills.” Journal of Corporation Law 30 (Winter 2004): 267-330.

Dearden, John. “U.S. control systems are long overdue for permanent and fundamental changes: Facing facts with inflation accounting.” Harvard Business Review (July/August 1981): 8-16.

Fabricant, Solomon, “Economic Calculation Under Inflation: The Problem in Perspective.” in Economic Calculation Under Inflation, Indianapolis: Liberty Press, 1976.

Financial Accounting Standards Board. "Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-Useful Financial Reporting Information." Financial Accounting Foundation. (March 24, 2010).

Herz, Robert H. and Linda A. MacDonald. “Some Facts About Fair Value.” Financial Accounting Standards Board, Understanding the Issues: May 2008. (March 24, 2010).

Hughes, Jennifer. “Accounting Rulemakers Attacked for Putting Theory Before Reality.” Financial Times ( (June 12, 2008): 1-2.

Jennifer Hughes. “Accounting Rule Makers Attacked for Putting Theory Before Reality.” Financial Times. (March 24, 2010).

Katz, David M. “Fair Value Revolution: Historical cost accounting is fading as Corporate America marches into a new era.” (March 24, 2010).

Litan, Robert E. and Peter J. Wallison. “Beyond GAAP.” Regulation (Fall 2003): 50-55.

Mashaw, Jerry L., “Accountability and Institutional Design: Some Thoughts on the Grammar of Governance.” in Public Accountability: Designs, Dilemmas and Experiences, edited by Michael Dowdle, 115-156. New York: Cambridge University Press, 2006.

Op-ed piece. “The Ones That Get Away: Accounts are increasingly more art than science.” The Economist (Summer July 30, 2005): 65-66.

Pollock, Alex J. “Economic Consequences of Sarbanes-Oxley.” Speech at the Federal Deposit Insurance Corporation and the Risk Analysis Center, (published online by American Enterprise Institute), May 18, 2005.

Rega, John. “Global Crisis Hastens 'Fair-Value' Accounting Change (Update1; October 9, 2008).” (March 24, 2010).

Scholes, Myron S. “The Proposition's Rebuttal Statement - The Economist debate series: Financial crisis [October 20, 2008] .” The Economist. http://www.the (March 24, 2010).

Sealy, Len and Sarah Worthington. Cases and Materials in Company Law. Oxford: Oxford University Press, 2007.

Siyi Li, Baruch Itamar Lev, and Theodore Sougiannis. “Accounting Estimates: Pervasive, Yet of Questionable Usefulness [April 2005] .” Social Science Research Network. (March 24, 2010).

Sternberg, Elaine. Just Business: Business Ethics In Action. Oxford: Oxford University Press, 2000.

Sternberg, Elaine. Corporate Governance: Accountability in the Marketplace, 2nd edition. London: Institute of Economic Affairs, 2004.

Sunder, Shyam. “Rethinking the Structure of Accounting and Auditing, May 29, 2003 [Yale ICF Working Paper No. 03-17] .” Social Science Research Network Electronic Paper Collection. (March 24, 2010).

The Economist online. "True and Fair." The Economist. (March 24, 2010).

The Economist online . “All's Fair: The crisis and fair-value accounting.” The (Sept. 18, 2008). (March 24, 2010).

Walker, David I. “Financial Accounting and Corporate Behavior [BU Law Working Paper 06-05, March 29, 2006] .” Boston University School of Law. (March 24, 2010).