Letter sent from J.R. Hutchison to membership of National Association of Certified Public Accountants, May 1, 1923

The second annual meeting of the Association will be held June 4, 1923, copy of notice herewith enclosed, also see page seven of the April issue of the C.P.A. Bulletin. The past year has been a wonderful one for the Association and in the past two years the Association has done more to advance the standard of Accountancy and to place Accounting on a higher professional basis than any other organization in existence

Dale L. Flesher Receives 2014 Hourglass Award

Dale L. Flesher is a Professor in the Patterson School of Accountancy at the University of Mississippi and holds the Roland & Sheryl Burns Chair; he also serves as associate dean of the School of Accountancy. He received both bachelors and masters degrees from Ball State University, and a Ph.D. from the University of Cincinnati. He has authored over 400 articles for more than 100 professional journals throughout the world, including The Accounting Review, Journal of Accountancy, The CPA Journal, ABACUS, The Accounting Historians Journal, Accounting and Business Research, and Accounting, Organizations and Society. He is also the author of 50 books (in 89 editions), including the 50th anniversary history of The Institute of Internal Auditors, the centennial history of NASBA, and the 75th anniversary history of the American Accounting Association. Dr. Flesher has served as editor of The Accounting Historians Journal, a position he held from 1989 through 1994. He previously edited The Accounting Historians Notebook for ten years. Dr

Impact of Off-farm Income on Farm Efficiency in Slovenia

The paper investigates the impact of off-farm income on farm technical efficiency for the Slovenian Farm Accountancy Data Network farms in the years 2004-2008. Farm stochastic frontier time-varying decay inefficiency is positively associated with total utilised agricultural areas and total labour input, and vice versa with intermediate consumption and fixed assets. We find a positive association between farm technical efficiency and the off-farm income. Farm technical efficiency has increased steadily over time, the process, which was led by the off-farm spill over effect and most efficient farms. Farm technical efficiency is also positively associated with economic farm size, while association with subsidies is mixed depending on the estimation procedure. Quantile regression confirms the positive and significant associations between farm technical efficiency and off-farm income, and between farm technical efficiency and farm economic size, as well as also the positive association between farm technical efficiency and subsidies, but the results are sensitive by quantiles.Off-farm income, Stochastic frontier analysis, Panel regression, Quantile regression, Slovenia, Farm Management,

Economic impact of decreasing stocking densities in broiler rabbit production based on Belgian farm data

[EN] Stocking density is a prominent issue in public debates on farm animal welfare. Public perceptions and economic impact of reduced stocking density should be considered, along with effects on animal performances and welfare. In this paper, experimental data and accountancy data based on 15 Belgian farms were combined to calculate the financial impact of different stocking densities on broiler rabbit farm profitability. Using the partial budget technique, only those elements that change with stocking density were taken into account. From the experiment, feed conversion and feed intake were found to increase slightly though significantly with decreasing stocking density, although only 5% and 6% of the variation, respectively, were explained by stocking density. However, reducing stocking density implies a recalculation of all costs in a reduced number of broiler rabbits, which has a negative impact on farm profitability. Reducing stocking density from the standard situation of 15 rabbits per m² to 10 rabbits per m² reduced added value by 22 euros per doe. In general, farm income was low and amounted to only 28.10 euros per doe during 2006-2008 for the reference situation of 15 rabbits per m². Below a density of 9 rabbits/m², a negative farm income was calculated. Sensitivity analysis showed that rabbit meat price has a stronger influence on the added value at a given density than rabbit feed price.This research is funded by the Agency for Innovation by Science and Technology in Flanders (IWT Vlaanderen), Brussels, Belgium. We gratefully acknowledge the Flemish Association of Poultry and Rabbit Breeders, and especially Ilka Hertogs for their willingness to provide the used accountancy data.132Verspecht, A.; Maertens, L.; Vanhonacker, F.; Tuyttens, F.; Van Huylenbroeck, G.; Verbeke, W. (2011). Economic impact of decreasing stocking densities in broiler rabbit production based on Belgian farm data. World Rabbit Science. 19(3). doi:10.4995/wrs.2011.849SWORD12319

Barriers to Implementing the International Integrated Reporting Framework: A Contemporary Academic Perspective

Purpose: This paper is motivated by the International Integrated Reporting Council’s (IIRC) call for feedback from all stakeholders with knowledge of the International Integrated Reporting Framework , and specifically of the enablers, incentives and barriers to its implementation. The paper synthesises insights from contemporary accounting research into integrated reporting (IR) as a general concept, and integrated reporting as espoused by the IIRC in the (IIRC, 2013). We specifically focus on possible barriers and emphasise the specific issues we feel could be rectified to advance the , along with the areas that may potentially hinder wider adoption and implementation. Design/methodology/approach: The paper draws upon and synthesises academic analysis and insights provided in the IR and academic literature as well as various directives, policy and framework pronouncements. Findings: The flexibility and lack of prescription concerning actual disclosures and metrics in the could allow it to be used for compliance, regardless of the other benefits lauded by the IIRC. Thus we see forces, both external and internal, driving adoption, with one prominent example being the European Union Directive on non-financial reporting. Because of the different ways in which IR is understood and enacted, there are numerous theoretical and empirical challenges for academics. Our paper highlights potential areas for further robust academic research, and the need to contribute to policy and practice. Research limitations/implications: The paper provides the IIRC, academics, regulators and reporting organisations with insights into current practice and the framework. We highlight the need for further development and evidence to help inform improvements both from a policy and a practice perspective. A key limitation of our work is that we draw upon a synthesis of the existing literature which is still in an early stage of development. Originality/value: The paper provides the IIRC with several insights into the current , and specifically with the enablers, incentives and barriers to its implementation. Also, it provides academic researchers with a number of important observations and an agenda upon which they can build their future research

Differential Informativeness of Accrual Measures to Analysts’ Forecast Accuracy

This paper evaluates whether analysts incorporate formal measures of earnings quality into their earnings forecasts. It examines whether the accrual ratio and abnormal accruals, measured with the Modified Jones (1991) Model of discretionary accruals, differentially inform analysts’ earnings forecasts. It uses the accuracy of analysts’ forecast as a context in which to evaluate how well analysts incorporate effects of the information contained in accrual ratio and abnormal accruals. The results indicate that the accrual ratio is negatively related to the absolute value of analysts’ forecast errors while the Modified Jones (1991) Model of discretionary accruals have virtually no economic effect on analysts’ forecast error. The insignificant effect of discretionary accruals on analysts’ forecast may be attributed to analysts having already incorporated the information therein in their earnings forecasts, effect of the accrual anomaly having been largely arbitraged away by market participants or both. This paper contributes to the research on analysts’ earnings forecast and earnings quality and helps bridge the gap between practice and theory by demonstrating the differential impact of discretionary accruals (favored by academics) and the accrual ratio (favored by analysts) on analysts’ forecast accuracy. This study informs researchers and policy makers interested in better understanding how analysts affects the financial markets including how they may have learned from previously documented market anomalies such as the accrual anomaly. This is important as ultimately, efficient economy-wide capital allocation decisions are based partly on outputs of analysts’ forecasting processes

Tax History Research Center established

The Academy of Accounting Historians has established a tax history research center which is housed in the School of Accountancy at the University of Mississippi. The University is located in Oxford. Dr. Tonya Flesher, Acting Dean of the School of Accountancy at Ole Miss, has been named by Academy president, Richard Vangermeersch, as the first director of the research center. In addition to being a well known tax historian, Dr. Flesher meets the criteria established for the directorship of being a member of both the Academy and the American Taxation Association. Academy officers felt that the dual membership requirement would add to the visibility of the research center since researchers in the area of tax policy would also find the Center a useful resource