ZCCI In The Media
Remarks before the 2015 Baruch College Financial Reporting Conference by James Schnurr, SEC Chief Accountant
Good morning and thank you for the introduction. I am happy to be with you today and it is my pleasure to share the stage with Jim Kroeker, who certainly has a unique perspective having served as the SEC Chief Accountant prior to becoming the Vice Chairman of the FASB. As I have previously stated, when I arrived at the Commission last October, Chair White asked me to make a recommendation to her as to what action, if any, the Commission should take regarding the further incorporation of IFRS into the U.S. capital markets. In December, I gave a speech that mentioned a potential alternative of allowing domestic issuers to provide IFRS-based information as a supplement to U.S. GAAP financial statements without requiring reconciliation. I thought it would be helpful to spend a few minutes this morning providing you with a brief update on some of the recent activities of OCA, as well as some of the current thinking with respect to convergence and IFRS.
The Robert Zicklin Center for Corporate Integrity hosted former accounting standards board chairs Sir David Tweedie of the International Accounting Standards Board and Robert Herz of the Financial Accounting Standards Board in an April 1 event titled “Accounting Standards for Global Capital Markets: Past, Present and Future.”
On Wednesday, Nov. 19, Baruch College welcomed Dr. Kenneth J. Arrow to express his views of business ethics and the role they play in the economic system. Arrow is currently a professor at Stanford University and is best known for his extensive research in various theories of economics. His educational career consists of an undergraduate degree from City College, and both a master’s degree and doctorate from Columbia University. He won the Nobel Prize in 1972 for his economic models of economic equilibrium. Before his economic success, however, Arrow was a meteorologist in the U.S. Air Corps. The Nobel Prize-winning economist began the event by conducting a typical lecture followed by a question and answer session, in which the audience had the opportunity to expand on specific points they wanted further addressed. The event concluded with light refreshments, giving attendees the opportunity to discuss the subject further with Arrow.
The Government Accountability Project’s annual American Whistleblower Tour will make a stop at Baruch College on Tuesday, Oct. 21. The 2014-2015 line up includes a variety of distinguished speakers who will discuss their experiences with whistleblowing.The Government Accountability Project’s annual American Whistleblower Tour will make a stop at Baruch College on Tuesday, Oct. 21. The 2014-2015 line up includes a variety of distinguished speakers who will discuss their experiences with whistleblowing. Jon Oberg is a former Department of Education researcher, who uncovered and raised awareness on the improper payment of “hundreds of millions in federal subsidies” to student lending companies, according to The New York Times. Another guest, Sherron Watkins, former vice president of the Enron Corporation, was named Time magazine’s Person of the Year in 2002, along with Coleen Rowley and Cynthia Cooper, for her actions against the accounting scandal that took place in the company.The Government Accountability Project’s annual American Whistleblower Tour will make a stop at Baruch College on Tuesday, Oct. 21. The 2014-2015 line up includes a variety of distinguished speakers who will discuss their experiences with whistleblowing. Jon Oberg is a former Department of Education researcher, who uncovered and raised awareness on the improper payment of “hundreds of millions in federal subsidies” to student lending companies, according to The New York Times. Another guest, Sherron Watkins, former vice president of the Enron Corporation, was named Time magazine’s Person of the Year in 2002, along with Coleen Rowley and Cynthia Cooper, for her actions against the accounting scandal that took place in the company.
Securities and Exchange Commission chief accountant James Schnurr is rethinking a proposal he made last December that the SEC allow U.S. companies the option of providing some information, such as revenues, using International Financial Reporting Standards as a supplement to U.S. GAAP without requiring reconciliation.
Whitney Tilson, who runs $90 million Kase Capital, just finished speaking about his Lumber Liquidators short at Baruch College in New York City.
On Wednesday April 1st, 2015 former FASB Chair Robert Herz and former IASB chair Sir David Tweedie were invited to Baruch College to discuss their vision of Accounting Standards for Global Capital Markets: Past, Present, and Future.
The Financial Accounting Standards Board has voted to propose to defer the effective date of the new revenue recognition standard by one year after hearing feedback from constituents.
On Tuesday, March 10, Baruch College hosted a CEO Trust event at the Robert Zicklin Center for Corporate Integrity. At the event, titled “Utopian Dreams: Early Experiments in Corporate Social Responsibility,” speaker Marc Hodak talked about the history of utopian experiments in 19th and 20th century America and the impact these experiments have had on the corporate American landscape.
A recent disparagement with short-selling investors has forced Lumber Liquidators to defend the quality of its inventory, as well as the integrity of the company. On, March 1, 60 Minutes, the investigative news program, attacked Lumber Liquidators. It claimed the company was selling laminate flooring with formaldehyde levels exceeding regulations set by the California Air Resources Board. The telecast featured Whitney Tilson, founder and managing partner of Kase Capital management, who accused the company of poor business practices. Lumber Liquidators’ stock has performed well in the New York Stock Exchange, with its highest value in November 2013. Tilson brought the claim against Lumber Liquidators to 60 Minutes, which then decided to air the report.
Last month I had the opportunity to attend a Sustainability Practice Network discussion at Baruch College here in New York. The topic, Under the Hood: Corporate Sustainability 2014 was a broad-based discussion of Environmental, Social & Governance (ESG) programs including their development, implementation and the data that is derived from them. As someone still learning the intricacies of ESG, it was reassuring to note that this topic, or better, this idea, is truly still a work in progress. Why? Because today’s corporations are implementing ESG-based programs differently across industries, and the data that is created is being used in a multitude of ways.
It's the season of the snitch - Big payouts and changes in law have whistle-blowers singing to authorities
There is no more famous corporate whistle-blower than Sherron Watkins. Thirteen years after exposing accounting fraud at Enron, she still draws crowds eager to hear her talk about her courageous act. Yet at a conference at Baruch College last week, Ms. Watkins emphasized how difficult blowing the whistle made her life at the time, and has ever since.
On Thursday, Feb. 5, the Robert Zicklin Center for Corporate Integrity hosted Rebecca Ray, executive vice president of the Organization for the Conference Board to explore the different aspects of running a business faced by CEOs through studies compiled from a survey better known as the CEO Challenge.
Oliver Morrison, City Limits (nonprofit news agency), covers the Robert Zicklin Center for Corporate Integrity's Ride On: NYC's CitiBike Share Program event on September 17th.
Ivy Schmerken, Editor-at-Large for Advanced Trading and Wall Street & Technology, covers the Robert Zicklin Center for Corporate Integrity's Debating High Frequency Trading Event on April 30th.
Accounting Today covers Corporate Communication International and Robert Zicklin Center for Corporate Integrity's 5th Annual Symposium on Sustainable Business - Profits and Politics: Sustainability and the Global Corporation.
Public Company Accounting Oversight Board chairman James Doty told an audience of auditors that the public is expecting more from the audit profession and warned firms against skimping on audit quality.
Donald H. Schepers, PhD., Associate Dean of the Zicklin School of Business and Professor of Management at Baruch College has been named by Trust Across America (TAA) as one of 2013's Top 100 Thought Leaders in Trustworthy Business Behavior. According to TAA, the people selected collectively represent a group that can genuinely transform the way organizations do business.
GreenBiz.com covers RZCCI's program Green Gamification: Combining Social Media & Game Mechanics to Promote Sustainability.
CFO.com covers Robert Zicklin Center's XBRL and Financial Analysis Technology Conference.