bluuebunny/crossref_metadata_2025 huggingface dataset:
Is a Pattern of Increasing Biomarker Concentrations Important for Long-Term Risk Stratification in Acute Coronary Syndrome Patients Presenting Early after the Onset of Symptoms?
Authors: Kavsak Peter A , Newman Alice M , Ko Dennis T , Palomaki Glenn E , Lustig Viliam , MacRae Andrew R , Jaffe Allan S
Published: March 2008

Background: Guidelines for treatment of acute coronary syndrome (ACS) recommend observing a rise or fall in cardiac troponin (cTn) concentrations for assessing acute injury. It is unknown whether a rising pattern presages a more adverse long-term prognosis than elevations that do not change. The present study assessed whether a rising pattern of cardiac biomarkers was more prognostic than simple elevations.

Methods: We measured N-terminal pro-brain natriuretic peptide (NT-proBNP) (Roche), cTnT (Roche) and cTnI (Beckman Coulter) in 212 ACS patients. These biomarkers were measured in coincident EDTA and heparin plasma samples available from at least 2 different time points, an early first specimen obtained a median of 2 hours after onset of symptoms, interquartile range (IQR) 2–4 hours, and a later second specimen obtained at 9 hours, IQR 9–9 hours. The cTn concentration in the second specimen was used to classify myocardial necrosis (cTnI >0.04 ug/L; cTnT >0.01 ug/L). Outcomes [death, myocardial infarction (MI), heart failure (HF)] were obtained >8 years after the initial presentation. For patients with myocardial necrosis and a cTn concentration ratio (second/first measured concentrations) ≥1.00, the concentration ratios and the absolute concentrations in the second specimen were used to assess prognosis after 4 years.

Results: In myocardial necrosis, the relative change (cTn2/cTn1) was greater for cTnI than for cTnT (P <0.01), whereas the relative change in NT-proBNP was the same regardless of which troponin was used to classify necrosis (P = 0.71). The concentration ratio for cTnI, cTnT, and NT-proBNP was not useful for risk stratification (i.e., death/MI/HF; P ≥0.15).

Conclusions: A rise in cardiac troponin or NT-proBNP concentration in ACS patients presenting early after onset of pain is not helpful for long-term prognosis.
Increased Plasma Concentrations of Soluble ST2 are Predictive for 1-Year Mortality in Patients with Acute Destabilized Heart Failure
Authors: Mueller Thomas , Dieplinger Benjamin , Gegenhuber Alfons , Poelz Werner , Pacher Richard , Haltmayer Meinhard
Published: March 2008

Background: The soluble isoform of the interleukin-1 receptor family member ST2 (sST2) has been implicated in heart failure. The aim of the present study was to evaluate the capability of sST2 as a prognostic marker in patients with acute destabilized heart failure.

Methods: sST2 plasma concentrations were obtained in 137 patients with acute destabilized heart failure attending the emergency department of a tertiary care hospital. The endpoint was defined as all-cause mortality, and the study participants were followed up for 365 days.

Results: Of the 137 patients enrolled, 41 died and 96 survived during follow-up. At baseline the median sST2 plasma concentration was significantly higher in the patients who died than in those who survived (870 vs 342 ng/L, P <0.001). Kaplan-Meier curve analyses demonstrated that the risk ratios for mortality were 2.45 (95% CI, 0.88–6.31; P = 0.086) and 6.63 (95% CI, 2.55–10.89; P <0.001) in the second tercile (sST2, 300–700 ng/L; 11 deaths vs 34 survivors) and third tercile (sST2, >700 ng/L; 25 deaths vs 21 survivors) of sST2 plasma concentrations compared with the first tercile (sST2, ≤300 ng/L; 5 deaths vs 41 survivors). In multivariable Cox proportional-hazards regression analyses, an sST2 plasma concentration in the upper tercile was a strong and independent predictor of all-cause mortality.

Conclusions: Increased sST2 concentrations determined in plasma samples drawn from patients with acute destabilized heart failure at their initial presentation indicate increased risk of future mortality. Increased sST2 plasma concentrations are independently and strongly associated with one-year all-cause mortality in these patients.
Multiplexed Assays for Detection of Mutations in PIK3CA
Authors: Board Ruth E , Thelwell Nicola J , Ravetto Paul F , Little Stephen , Ranson Malcolm , Dive Caroline , Hughes Andrew , Whitcombe David
Published: March 2008

Background: Mutations in the PIK3CA gene (phosphoinositide-3-kinase, catalytic, alpha polypeptide) have recently been described in a number of cancers, and their detection is currently limited because of the low sensitivity of conventional sequencing techniques.

Methods: We combined Amplification Refractory Mutation System (ARMS™; AstraZeneca) allele-specific PCR and Scorpions™ (DxS) to develop assays for tumor-borne PIK3CA mutations and used real-time PCR to develop high-throughput multiplexed assays for the most commonly reported PIK3CA mutants (H1047L, H1047R, E542K, E545K).

Results: These assays were more sensitive than sequencing and could detect 5 copies of mutant DNA in proportions as low as 0.1% of the total DNA. We assayed DNA extracted from human tumors and detected PIK3CA mutation frequencies of 10.2% in colorectal cancer, 38.7% in breast cancer, 1.9% in lung cancer, and 2.9% in melanoma. In contrast, sequencing detected only 53% of the mutations detected by our assay.

Conclusions: Multiplexed assays, which can easily be applied to clinical samples, have been developed for the detection of PIK3CA mutations.
The role ofOrvosi Hetilapin the development of Hungarian gastroenterology. Part 2: 1905–1944
Authors: Buzás György Miklós
Published: March 2008

The editions of Orvosi Hetilap published between 1857 and 1905 covered most of the contemporary aspects of digestive diseases. Most of knowledge was transferred from German, French and English literature. Aim: Evaluation of the papers dealing with the diseases of the gastrointestinal tract published in Orvosi Hetilap between 1905 and 1944. Method: The author manually reviewed the journal volumes published between 1905 and 1944. The original articles, journal and book reviews were identified and classified according to their subject and origin. The rate of publications of the editorial periods (1857 and 1904 vs 1905 and 1944) was statistically compared with that of certain historical periods (World Wars I and II, the years following the Trianon treaty). Results: Between 1905 and 1944, a total of 1101 original articles were publised about the diseases of the gastrointestinal tract, constituting 10.3% of the total publications. The rate of publications was decreased during World Wars I and II and the years following the Trianon treaty. The most studied diseases were that of the stomach and duodenum (21%), while hepatologic studies accounted for 16.4%. The proportion of basic science studies (anatomy, pathology, physiology) decreased to 3%. Endoscopy was studied in only 1.4% of the publications, while gastrointestinal radiology, as a newcomer, achieved a figure of 3.2%. 1695 publications were reviewed from 112 journals, constituting a significant increase as compared to the previous period. 74.6% of the reviews were published in 15 core journals. 57.1% of the journals were German, 19.6% were English/American and 16.9% French, showing the persistence of the major German influence. The number of book reviews slightly decreased from 116 to 95. Peptic ulcers were the most studied disease of the period and several alternative treatments were tried, all of which are now obsolate. Conclusion: The rate of gastroenterologic publications in Orvosi Hetilap increased considerably in 1905–1944, as compared to the prior period. The main sources of knowledge remained the German literature. Diseases of the stomach and duodenum, including peptic ulcers, were studied in most detail. The development of endoscopy was overshadowed by the emergence of radiology.
CXCR4+/FLK-1+ Biomarkers Select a Cardiopoietic Lineage from Embryonic Stem Cells
Authors: Nelson Timothy J. , Faustino Randolph S. , Chiriac Anca , Crespo-Diaz Ruben , Behfar Atta , Terzic Andre
Published: March 2008

Pluripotent stem cells demonstrate an inherent propensity for unrestricted multi-lineage differentiation. Translation into regenerative applications requires identification and isolation of tissue-specified progenitor cells. From a comprehensive pool of 11,272 quality-filtered genes, profiling embryonic stem cells at discrete stages of cardiopoiesis revealed 736 transcripts encoding membrane-associated proteins, where 306 were specifically upregulated with cardiogenic differentiation. Bioinformatic dissection of exposed surface biomarkers prioritized the chemokine receptor cluster as the most significantly over-represented gene receptor family during pre cardiac induction, with CXCR4 uniquely associated with mesendoderm formation. CXCR4+ progenitors were sorted from the embryonic stem cell pool into mesoderm-restricted progeny according to co-expression with the early mesoderm marker Flk-1. In contrast to CXCR4−/Flk-1− cells, the CXCR4+/Flk-1+ subpopulation demonstrated overexpressed cardiac lineage transcription factors (Mef2C, Myocardin, Nkx2.5), whereas pluripotent genes (Oct4, Fgf4, Sox2) as well as neuroectoderm (Sox1) and endoderm alpha-fetoprotein markers were all depleted. In fact, the CXCR4+/Flk-1+ biomarker combination identified embryonic stem cell progeny significantly enriched with Mesp-1, GATA-4, and Tbx5, indicative of pre cardiac mesoderm and the primary heart field. Although the CXCR4+/Flk-1+ transcriptome shared 97% identity with the CXCR4−/Flk-1− counterpart, the 818 divergent gene set represented predominantly cardiovascular developmental functions and formed a primitive cardiac network. Differentiation of CXCR4+/Flk-1+ progenitors yielded nuclear translocation of myocardial transcription factors and robust sarcomerogenesis with nascent cardiac tissue demonstrating beating activity and calcium transients. Thus, the CXCR4/Flk-1 biomarker pair predicts the emergence of cardiogenic specification within a pluripotent stem cell pool, enabling targeted selection of cardiopoietic lineage.

Disclosure of potential conflicts of interest is found at the end of this article.
Androgenetic Embryonic Stem Cells Form Neural Progenitor Cells In Vivo and In Vitro
Authors: Dinger Timo C. , Eckardt Sigrid , Choi Soon Won , Camarero Guadelupe , Kurosaka Satoshi , Hornich Vroni , McLaughlin K. John , Müller Albrecht M.
Published: March 2008

Uniparental zygotes with two paternal (androgenetic [AG]) or two maternal (gynogenetic [GG]; parthenogenetic [PG]) genomes are not able to develop into viable offspring but can form blastocysts from which embryonic stem cells (ESCs) can be derived. Although some aspects of the in vitro and in vivo differentiation potential of PG and GG ESCs of several species have been studied, the developmental capacity of AG ESCs is much less clear. Here, we investigate the potential of murine AG ESCs to undergo neural differentiation. We observed that AG ESCs differentiate in vitro into pan-neural progenitor cells (pnPCs) that further give rise to cells that express neuronal- and astroglial-specific markers. Neural progeny of in vitro-differentiated AG ESCs exhibited fidelity of expression of six imprinted genes analyzed, with the exception of Ube3a. Bisulfite sequencing for two imprinting control regions suggested that pnPCs predominantly maintained their methylation pattern. Following blastocyst injection of AG and biparental (normal fertilized [N]) ESCs, we found widespread and evenly distributed contribution of ESC-derived cells in both AG and N chimeric early fetal brains. AG and N ESC-derived cells isolated from chimeric fetal brains by fluorescence-activated cell sorting exhibited similar neurosphere-initiating cell frequencies and neural multilineage differentiation potential. Our results indicate that AG ESC-derived neural progenitor/stem cells do not differ from N neural progenitor/stem cells in their self-renewal and neural multilineage differentiation potential.

Disclosure of potential conflicts of interest is found at the end of this article.
Copy Number Variant Analysis of Human Embryonic Stem Cells
Authors: Wu Hao , Kim Kevin J. , Mehta Kshama , Paxia Salvatore , Sundstrom Andrew , Anantharaman Thomas , Kuraishy Ali I. , Doan Tri , Ghosh Jayati , Pyle April D. , Clark Amander , Lowry William , Fan Guoping , Baxter Tim , Mishra Bud , Sun Yi , Teitell Michael A.
Published: March 2008

Differences between individual DNA sequences provide the basis for human genetic variability. Forms of genetic variation include single-nucleotide polymorphisms, insertions/duplications, deletions, and inversions/translocations. The genome of human embryonic stem cells (hESCs) has been characterized mainly by karyotyping and comparative genomic hybridization (CGH), techniques whose relatively low resolution at 2–10 megabases (Mb) cannot accurately determine most copy number variability, which is estimated to involve 10%–20% of the genome. In this brief technical study, we examined HSF1 and HSF6 hESCs using array-comparative genomic hybridization (aCGH) to determine copy number variants (CNVs) as a higher-resolution method for characterizing hESCs. Our approach used five samples for each hESC line and showed four consistent CNVs for HSF1 and five consistent CNVs for HSF6. These consistent CNVs included amplifications and deletions that ranged in size from 20 kilobases to 1.48 megabases, involved seven different chromosomes, were both shared and unique between hESCs, and were maintained during neuronal stem/progenitor cell differentiation or drug selection. Thirty HSF1 and 40 HSF6 less consistently scored but still highly significant candidate CNVs were also identified. Overall, aCGH provides a promising approach for uniquely identifying hESCs and their derivatives and highlights a potential genomic source for distinct differentiation and functional potentials that lower-resolution karyotype and CGH techniques could miss.

Disclosure of potential conflicts of interest is found at the end of this article.
Insulin-Like Growth Factor-Binding Protein 2 Secreted by a Tumorigenic Cell Line Supports Ex Vivo Expansion of Mouse Hematopoietic Stem Cells
Authors: Huynh HoangDinh , Iizuka Satoru , Kaba Megan , Kirak Oktay , Zheng Junke , Lodish Harvey F. , Zhang Cheng Cheng
Published: March 2008

Successful hematopoietic stem cell (HSC) transplantation is often limited by the numbers of HSCs, and robust methods to expand HSCs ex vivo are needed. We previously showed that angiopoietin-like proteins (Angptls), a group of growth factors isolated from a fetal liver HSC-supportive cell population, improved ex vivo expansion of HSCs. Here, we demonstrate that insulin-like growth factor-binding protein 2 (IGFBP2), secreted by a tumorigenic cell line, also enhanced ex vivo expansion of mouse HSCs. On the basis of these findings, we established a completely defined, serum-free culture system for mouse HSCs, containing SCF, thrombopoietin, fibroblast growth factor 1, Angptl3, and IGFBP2. As measured by competitive repopulation analyses, there was a 48-fold increase in numbers of long-term repopulating mouse HSCs after 21 days of culture. This is the first demonstration that IGFBP2 stimulates expansion or proliferation of murine stem cells. Our finding also suggests that certain cancer cells synthesize proteins that can stimulate HSC expansion.

Disclosure of potential conflicts of interest is found at the end of this article.
Sustained Long-Term Engraftment and Transgene Expression of Peripheral Blood CD34+ Cells Transduced with Third-Generation Lentiviral Vectors
Authors: Tesio Melania , Gammaitoni Loretta , Gunetti Monica , Leuci Valeria , Pignochino Ymera , Jordaney Noela , Capellero Sonia , Cammarata Cristina , Caione Luisa , Migliaretti Giuseppe , Fagioli Franca , Tabilio Antonio , Aglietta Massimo , Piacibello Wanda
Published: March 2008

As mobilized peripheral blood (MPB) represents an attractive cell source for gene therapy, we investigated the ability of third-generation lentiviral vectors (LVs) to transfer the enhanced green fluorescent protein gene into MPB CD34+ cells in culture conditions allowing expansion of transplantable human hematopoietic stem cells. To date, few studies have reported transduction of MPB cells with vesicular stomatitis virus G pseudotyped LVs. The critical issue remains whether primitive, hematopoietic repopulating cells have, indeed, been transduced. In vitro (5 weeks' culture in FLT3 ligand + thrombopoietin + stem cell factor + interleukin 6) and in vivo (serial transplantation in NOD/SCID mice) experiments show that MPB CD34+ cells can be effectively long-term transduced by LV and maintain their proliferation, self-renewal, and multilineage differentiation potentials. We show that expansion following transduction improves the engraftment of transduced MPB CD34+ (4.6-fold expansion of SCID repopulating cells by limiting dilution studies). We propose ex vivo expansion after transduction as an effective tool to improve gene therapy protocols with MPB.

Disclosure of potential conflicts of interest is found at the end of this article.
Client Perceptions of MAS Quality as Measured by a Marketing-Based Service Quality Model
Authors: Turner Leslie D. , Aldhizer George R. , Shank Matthew D.
Published: March 2008

Management Advisory Services (MAS) are an increasingly important part of the service mix for CPA firms. The growth of MAS relative to audit has been phenomenal over the past two decades. However, little research has been conducted on MAS provided by CPA firms. The primary purpose of this study was to examine the determinants of MAS quality from the client's perspective. To achieve this objective, 305 controllers of U.S. companies responded to a questionnaire regarding MAS provided by CPA firms. The questionnaire was designed using determinants from marketing and audit literature. Using these client perception dimensions, two types of MAS engagements were compared: those with an increase in cost during the engagement, and those with no increase in cost.

Descriptive and statistical results indicate that a 13-item service quality scale significantly differentiates client perceptions of MAS quality. The results also reflect dimensions of service quality that are similar to existing marketing and auditing studies. In addition, in the presence of cost overruns and intentional underbidding, clients perceive lower MAS quality. The implications of these results for the accounting profession are discussed.
An Analysis of Formal Mentoring Programs and Perceived Barriers to Obtaining a Mentor at Large Public Accounting Firms
Authors: Viator Ralph E.
Published: March 2008

One way for firms to promote the mentoring of employees is to establish formal programs that match employees with potential mentors. Whether employees are satisfied with such formal mentoring is an empirical question. This paper examines that issue as well as whether formal mentoring programs serve to reduce perceived barriers to obtaining a mentor. The study is based on survey data obtained from 723 respondents currently working at the major public accounting firms. The study found that certain methods for matching potential mentors and prote´ge´s, as well as certain formal structures (e.g., meeting regularly and setting goals and objectives), are associated with greater mentorship satisfaction by employees. Also, the study found evidence that employees exposed to formal mentoring programs perceive no more barriers to obtaining a mentor than employees who develop informal mentoring relationships. No evidence was found suggesting that female employees, compared to males, perceived greater barriers to obtaining a mentor, or were more likely to leave the firm. These results suggest that formal mentoring programs may be associated with a changing social structure at the large public accounting firms.
An Assessment of Recent Changes in the Uniform Accountancy Act
Authors: Colbert Gary J. , Murray Dennis
Published: March 2008

The Uniform Accountancy Act (UAA) is the product of a joint effort by the American Institute of Certified Public Accountants and the National Association of State Boards of Accountancy. It is intended to serve as a model for public accountancy legislation by the individual states, and is designed to protect the public interest, promote high professional standards, and advance the goal of uniformity across jurisdictions. In response to growing dissatisfaction with the current status of professional accountancy regulation, the UAA was substantially revised in 1998. Based on existing rationales for governmental involvement in occupational licensing, we assess whether selected changes reflected in the revised UAA are consistent with its stated public interest objective. We conclude that many, but not all, of these changes are in the public interest. Based on an economic theory of regulation, the paper also examines the likelihood that the states will adopt the proposed changes. Because the CPA profession is well positioned to significantly influence accountancy regulations, we hypothesize that the UAA changes which are in the best interest of existing members of the profession will tend to be adopted more quickly and more pervasively.
Tax-Exempt Organization Financial Data: Availability and Limitations
Authors: Gordon Teresa P. , Greenlee Janet S. , Nitterhouse Denise
Published: March 2008

Historically, information about tax-exempt organizations has often been hard to obtain. The 1996 tax act requires a tax-exempt organization to provide a copy of its informational Form 990 to anyone who requests it and specifies penalties for noncompliance. Form 990 information on most tax-exempt organizations is also being made available in digitized form. The ready availability of such financial information will subject nonprofit reporting to greater scrutiny than ever before. Accountants need to be aware that preparer error rates may become public information. This paper describes recent developments that are making Form 990 data available to researchers and the general public. It then discusses potential uses for the data as well as limitations of the data, and considers possible implications for nonprofit managers, donors and accounting firms.
Corporate Environmental Reports: The Need for Standards and an Environmental Assurance Service
Authors: Beets S. Douglas , Souther Christopher C.
Published: March 2008

Many companies are becoming more responsive to investors' concerns about the environment by voluntarily compiling and issuing periodic environmental reports that are essentially independent of the annual financial reports. Because of an absence of environmental reporting standards, however, these reports differ significantly thereby confounding comparability. Additionally, the credibility of these reports is being questioned, as they are typically not verified by independent third parties. As many public accounting firms are currently attempting to develop additional assurance services to offer existing and potential clients, verification of environmental reports may be an appropriate application of accounting firms' attestation skills and their desire to expand the client relationship. Such verification engagements may also be beneficial for corporations, investors, regulators and, ultimately, the environment. Guidance and criteria for environmental verification services are scant, however, and the accounting profession may benefit from expeditious development of such standards so that public accountants are empowered to offer a needed assurance service and compete effectively with other consulting firms.
The Method of Comparables and Tax Court Valuations of Private Firms: An Empirical Investigation
Authors: Beatty Randolph P. , Riffe Susan M. , Thompson Rex
Published: March 2008

This paper introduces a series of valuation models that mimic important features of regulatory prescriptions and legal precedent for the method of comparables as applied in estate and gift tax cases. We evaluate the models using out-of-sample estimation to determine which ones have the most desirable statistical properties for prediction. We then compare the predictions from these models to the valuations put forth by taxpayers, the IRS, and judges in estate and gift tax cases. This analysis reveals that taxpayers and the IRS propose values consistent with their underlying incentives, but significantly different from most bias-adjusted forecast models. The judges choose values consistent with the average value of the two experts and with bias-adjusted forecast models. Thus, the tax litigation system appears to ultimately produce an estimate of value that is consistent with an objective application of the method of comparables to the available data.
Innovation in Preferred Stock: Current Developments and Implications for Financial Reporting
Authors: Frischmann Peter J. , Kimmel Paul D. , Warfield Terry D.
Published: March 2008

In this paper we investigate a significant innovation in preferred stock securities issued over the 1993–1996 period. We document trends in preferred stock use which indicate that the introduction of a preferred stock variant, trust preferred securities (TPS), is changing the landscape of corporate balance sheets with an increasing number of companies reporting securities in the “mezzanine” section of the balance sheet (between equity and debt). Referred to by many as the “Holy Grail” of financial instruments, TPS are treated as debt for tax purposes, but not for financial reporting or debt-rating purposes. Since their introduction in late 1993, they have quickly become the primary variant of new preferred stock issues, representing the majority of all new issues of preferred stock. We (1) document this trend in preferred stock issues, (2) discuss the resulting financial reporting effects of this new security, (3) identify the motivations for this trend and (4) evaluate a new FASB proposal that addresses these and other redeemable preferred securities.
Valuing the Reload Features of Executive Stock Options
Authors: Saly P. Jane , Jagannathan Ravi , Huddart Steven J.
Published: March 2008

For options with a reload feature, the holder is automatically entitled to new options when the initial option is exercised. Under Statement of Financial Accounting Standards No. 123, the grant date value of executive stock options excludes the value of a reload feature because the Financial Accounting Standards Board believes it is not feasible to value a reload feature at the grant date. We show how the Binomial Option Pricing Model can be used to value options and the reload feature at the grant date. Ignoring the reload can substantially understate the value of the option. Accordingly, the Financial Accounting Standards Board may wish to reconsider the accounting for reload features.
Implications of Accounting Research for the SEC's Consideration of International Accounting Standards for U.S. Securities Offerings
Authors: Pownall Grace , Schipper Katherine
Published: March 2008

This paper discusses certain implications of capital-markets-based academic accounting research for the assessment of International Accounting Standards (IAS) by the U.S. Securities Exchange Commission (SEC). The SEC's assessment criteria are comprehensiveness, high quality (comparability, transparency and full disclosure) and rigorous interpretation and application. Existing academic research has few implications for comprehensiveness, transparency and full disclosure, in part because no agreed-upon metrics for measuring these constructs have been developed. Indirect implications for interpretation and application might be drawn from cross-jurisdictional comparisons of income and cash flow volatility and value relevance, provided certain strong assumptions are met. Using Form 20-F reconciliation data, research has documented extensive evidence of noncomparabilities between U.S. GAAP financial statements and statements prepared for the same firms under both various non-U.S. GAAPs and IAS, and some evidence that the differences are value-relevant.
Reporting on the Past: A New Approach to Improving Accounting Today
Authors: Lundholm Russell J.
Published: March 2008

In the last few years the financial accounting model has been attacked on a number of fronts. Some argue that the model reports irrelevant information in today's knowledge-based economy, while others argue that the model's reporting discretion makes the results unreliable. Accruals allow the model to report wealth creation or depletion in a more timely manner, yet they also allow abuse when the underlying estimates are intentionally distorted. But surprisingly, the accuracy of the estimates underlying the accruals is never examined; rather current accruals are mixed together with the reversals of prior accruals. I propose that the financial reporting model be amended to report on the ex post accuracy of a firm's prior estimates. Doing so will identify firms that have abused their reporting discretion in the past and provide valuable information about the expected credibility of the firm's disclosures in the present. Firms will also have a greater incentive to make accurate estimates and accruals if they know that opportunistic estimates will be explicitly revealed in the future. Finally, accounting regulators might be more inclined to recognize nontraditional assets in the financial statements if a system is in place that gives firms an incentive to accurately estimate the value of these assets. In this paper I give an example of the type of disclosure I am proposing, discuss the benefits it offers to investors, and address some practical implementation issues.
Exploring the R&D Disclosure Environment
Authors: Entwistle Gary M.
Published: March 2008

In this exploratory study, a series of interviews with analysts and firm executives, supplemented with an analysis of annual report disclosures, is used to provide insights into the research and development (R&D) disclosure environment within which technology-intensive firms operate. The interviews cover questions of interest to both professional and academic accounting audiences, including the types of R&D information which firms reveal and analysts use, managers' concerns with revealing proprietary or bad news R&D information, the potential benefits from effective R&D disclosure management, and views on deferring vs. expensing development expenditures. The content analysis provides a description of the quantity, subject matter, and location of the R&D disclosures contained in 113 Toronto Stock Exchange-listed firms' annual reports. Finally, the regression analysis explores the association between six disclosure environment factors (R&D expense proportion, accounting policy for development expenditures, [cross-] listing status, industry, capital structure, and firm size) and the amount of R&D disclosure firms provide.
Effect of SEC Financial Reporting Release No. 48 on Derivative and Market Risk Disclosures
Authors: Roulstone Darren T.
Published: March 2008

This study compares the disclosures about derivatives and market risk made by 25 SEC registrants in the years before (1996) and after (1997) the adoption of Financial Reporting Release No. 48 (SEC 1997) (FRR No. 48). FRR No. 48 requires firms to disclose how they account for derivatives and provide quantitative and qualitative disclosures about exposure to market risk. Market risk disclosures, encouraged but not required under FAS No. 119, improved greatly under FRR No. 48 but varied widely in detail and clarity. The majority of registrants provided quantitative and qualitative disclosures of market risk; however, only about half of these firms discussed the details and limitations of their risk measurement models and disclosures. Further, certain required or strongly recommended contextual disclosures were almost completely absent. Firms appear to prefer relatively complicated but more discreet disclosure formats to simpler but more revealing disclosure formats. Overall, while registrants greatly increased their disclosures about market risk, the disclosures leave room for improvement in future filings. These findings have significance for disclosure choice in general and the adoption of FAS No. 133 in particular.
A Review of the Earnings Management Literature and Its Implications for Standard Setting
Authors: Healy Paul M. , Wahlen James M.
Published: March 2008

In this paper we review the academic evidence on earnings management and its implications for accounting standard setters and regulators. We structure our review around questions likely to be of interest to standard setters. In particular, we review the empirical evidence on which specific accruals are used to manage earnings, the magnitude and frequency of any earnings management, and whether earnings management affects resource allocation in the economy. Our review also identifies a number of opportunities for future research on earnings management.
The Financial Statement Effects of Eliminating the Pooling-of-Interests Method of Acquisition Accounting
Authors: Ayers Benjamin C. , Lefanowicz Craig E. , Robinson John R.
Published: March 2008

Accounting standard setters have become increasingly concerned with the perceived manipulation of financial statements afforded by the pooling-of-interests (pooling) method of accounting for corporate acquisitions. While different restrictions have been discussed, in September 1999 the Financial Accounting Standards Board (FASB) issued an Exposure Draft to eliminate the pooling method. This study provides a basis for evaluating restrictions on the pooling method by analyzing the financial statement effects on pooling acquisitions made by public corporations over the period 1992 through 1997. Using these acquisitions we (1) quantify the scope of the “pooling problem,” (2) estimate the financial statement repercussions of eliminating the pooling method, and (3) examine the effects of restricting pooling accounting to business combinations meeting various “merger of equals” restrictions.

While our analysis does not address whether restrictions on the pooling method will influence the nature or level of acquisition activity, the results indicate that the pooling method generates enormous amounts of unrecognized assets, across individual acquisitions, and in aggregate. In addition, our results suggest that recording and amortizing these assets generate significant balance sheet and income statement effects that vary with industry. Regarding restrictions on the pooling method, our analysis indicates that size restrictions would significantly reduce the number and value of pooling acquisitions and unrecognized assets generated by these acquisitions.
The Relation between Perceived Treatment Discrimination and Job Satisfaction among African-American Accounting Professionals
Authors: Moyes Glen D. , Williams Patricia A. , Quigley Behnaz Z.
Published: March 2008

This study examines the relation between perceived treatment discrimination and level of job satisfaction among African-American accounting professionals. Results of a survey of accounting graduates of a Historically and Predominantly Black University (HPBU) suggest a significant relation between these two factors. Unstructured interviews with African-American partners and managers in major accounting firms further support this finding. We conclude that although the profession actively recruits African-Americans, once inside the firm there continues to be diversity issues that need to be addressed. Not unexpectedly, survey results indicate that the majority of respondents who are most dissatisfied do not intend to remain in the profession.

Evidence from the study also suggests a positive relation between percentage of African-Americans in the firm and job satisfaction. In addition, written comments from respondents and interviews with African-American practitioners indicate that ethnicity remains an issue in the workplace. Accounting firms are attempting to address this issue through mentoring and diversity training.
Does AICPA Accreditation of Nonaudit Services Add Value? The Case of Personal Financial Planning
Authors: Mauldin D. Shawn , Wilder Mark , Stocks Morris H.
Published: March 2008

The AICPA has taken the position that accreditation of CPAs in specific areas of practice is an important aspect of repositioning the CPA profession for the future. The AICPA currently offers two designations exclusively to CPAs, one of which is the Personal Financial Specialist (PFS) designation. However, the issue of accrediting CPAs by granting official AICPA designations is a complex and highly debated issue with opposing sides having compelling arguments supporting their positions.

CPAs and other professionals specializing in personal financial planning have opportunities to obtain designations other than the PFS. This paper examines the relative value of these alternative options for financial planners. Specifically, the research was designed to examine the differential effects of alternative financial-planning accreditations on users' perceptions. These perceptions relate to various professional attributes of a financial planner such as their knowledge and expertise, objectivity, and level of trust and ethics possessed. In addition, these perceptions relate to fees charged and the influence that the designation has on the public's choice of a financial planner.

Our results indicate that the CPA designation used in conjunction with the PFS designation is generally perceived to signal a higher level of professional attributes than the other designations examined in the study. In addition, a CPA with a PFS designation has a significantly greater influence on the public's choice of a financial planner than do the other designations. These results suggest that important benefits may accrue to CPAs from holding the PFS specialty accreditation.
The Making of Independent Auditing Standards in China
Authors: Xiao Jason Zezhong , Zhang Yikuan , Xie Zhihua
Published: March 2008

Chinese independent auditing standards (CIAS) have been promulgated since 1995. This paper contextualizes the various Chinese attempts at setting auditing standards, especially the making of the CIAS, by identifying factors that motivated these efforts. It finds that, prior to the CIAS, some auditing standards and procedures were issued on a voluntary basis in order to educate auditors and auditees, to improve audit quality, and to help auditors survive the competition between various consultancy firms. However, these standards failed to achieve their objectives and could not prevent auditors from being involved in a number of well-publicized major financial scandals. Amid crises of public confidence, the CPA Law was stipulated and the Chinese regulators began to formulate the CIAS to strengthen the legal system that regulates the audit profession and to harmonize Sino-foreign auditing. The paper also illuminates some major features of the Chinese audit market, such as the lack of audit independence, the shortage of well-qualified auditors, an environment of extensive corruption, and the existence of many misconceptions about the audit. These conditions will significantly hinder the further development of the audit profession in China. In particular, they will severely impair the effectiveness of the CIAS and recently developed accounting standards. Consequently, investments in Chinese companies will still involve considerable risks despite the existence of the CIAS.
Inflation Accounting and 20-F Disclosures: Evidence from Mexico
Authors: Davis-Friday Paquita Y. , Rivera Juan M.
Published: March 2008

This paper analyzes features of the Mexican accounting model and describes the effect of the accounting differences between Mexico and the U.S. on the relation between equity prices and accounting information reported in the two countries. The influence of U.S. accounting in Mexico is evident in several areas, partly due to the presence of numerous affiliates of U.S. multinational corporations, and also due to the prominence of local representatives of the Big 5 international accounting firms. Still, the Mexican accounting and reporting model addresses special issues—such as inflation accounting—in a manner different from that of the U.S. Using the population of Mexican firms listed on U.S. exchanges as American Depositary Receipts (ADRs), we assess the relationship between Mexican ADR prices and Mexican vs. U.S. GAAP earnings and equity. We find that although Mexican ADR firms are not required to reconcile their inflation accounting to U.S. GAAP, ADR prices are significantly related to Mexican GAAP net income. However, we find no significant relation between the ADR price and net income and equity reconciliations from Mexican to U.S. GAAP. Our results call into question once again the validity and usefulness of the SEC's required reconciliations to U.S. GAAP.
Audit Education and Training: The Effect of Formal Studies and Work Experience
Authors: Ferguson Colin B. , Richardson Gordon D. , Wines Graeme
Published: March 2008

This paper examines work experience and formal studies as alternative means of audit education and training. The research instrument used in Gramling et al. (1996) was administered to Canadian and Australian undergraduate students at the beginning and end of their first audit subject. An important difference between the two groups was that the Canadian students had completed prior work experience under a Co-Operative (co-op) Education Program. We find that: (1) co-op (Canadian) students have pre-scores that are closer to practicing auditors relative to the pre-scores of nonco-op (Australian) students (an effect that we attribute to experience); (2) after completing their first undergraduate audit subject, nonco-op students have post-scores that are closer to those of practicing auditors relative to pre-scores (effects which we attribute to education); (3) the pre–post change referred to above is muted for co-op students (which we attribute to a hypothesized interaction effect between experience and education); and (4) co-op students have post-scores that are marginally closer to practicing auditors relative to the postscores of nonco-op students (implying that work experience and formal education are not perfect substitutes in audit educational training).
The Effects of SFAS No. 90 on Nuclear Electric Utilities
Authors: Martin L. Ann , Subramaniam Chandra , Vigeland Robert L.
Published: March 2008

We study the effect of SFAS No. 90 on electric utilities that were required to record substantial write-offs due to nuclear power plants that had been impaired by regulatory disallowances or abandonments. We identified 57 firms that recorded write-offs required under SFAS No. 90 totaling $17.7 billion. During the period surrounding the release of SFAS No. 90, many of the affected firms reduced their dividends and their common stock earned somewhat lower returns than similar firms that were not affected by the pronouncement. However, we do not attribute these differences directly to SFAS No. 90. We identify other factors that are more plausible explanations for the lower returns and dividend reductions: adverse regulatory rulings that disallowed the recovery of nuclear construction costs and lower quality earnings because of large noncash “allowance for funds used during construction” (AFUDC) accruals. We believe that follow-up studies comparing actual effects of controversial FASB pronouncements with those predicted during the board's deliberations are useful to both the board and those who lobby the board.
The Economic Implications of Proposed Changes in the Accounting for Nuclear Decommissioning Costs
Authors: Boatsman James R. , Khurana Inder K. , Loudder Martha L.
Published: March 2008

This paper analyzes the accounting effects of the proposed standard Accounting for Obligations Associated with the Retirement of Long-Lived Assets, and considers the economic effects of accounting data in electric utility rate-making. Specifically, we model the financial statement with respect to nuclear decommissioning costs and posit several likely scenarios for the economic implications for the affected firms, their electric consumers, and the rate regulators. The model reveals that the sign of the equity adjustment at adoption and the change in ongoing expense will depend on (1) the age of the plant, and (2) the ratio of the current cost estimate used to compute depreciation under the current practice and the estimated future decommissioning cost. When the model is applied to firms with nuclear plants, we find that the financial statement effects at adoption will be substantial for many firms, and that the ongoing effects of the standard will be to increase the reported expenses of decommissioning substantially.

These findings are of interest for three reasons: first, contrary to our data, many of the firms analyzed have stated in their annual reports that the adoption effects of the proposed standard will be immaterial; second, the standard may have a deleterious effect on established regulatory rate-making relationships by changing the basis for consumer rates; and third, the analysis suggests that some firms will be faced with either requesting rate increases or jeopardizing their eligibility for special regulatory accounting treatment. Any of these outcomes create potentially severe problems in an industry on the brink of monumental economic and structural change, that is, the transition from a regulated monopoly to competition.
Earnings Management: Reconciling the Views of Accounting Academics, Practitioners, and Regulators
Authors: Dechow Patricia M. , Skinner Douglas J.
Published: March 2008

We address the fact that accounting academics often have very different perceptions of earnings management than do practitioners and regulators. Practitioners and regulators often see earnings management as pervasive and problematic—and in need of immediate remedial action. Academics are more sanguine, unwilling to believe that earnings management is actively practiced by most firms or that the earnings management that does exist should necessarily concern investors. We explore the reasons for these different perceptions, and argue that each of these groups may benefit from some rethinking of their views about earnings management.
Segment Disclosures under SFAS No. 131: Has Business Segment Reporting Improved?
Authors: Street Donna L. , Nichols Nancy B. , Gray Sidney J.
Published: March 2008

In response to user concerns regarding segment reporting, the FASB issued SFAS No. 131, Reporting Disaggregated Information about a Business Enterprise, in 1997. SFAS No. 131 became effective for fiscal years beginning on or after January 1, 1998. This research examines the segment disclosures of U.S. Global 1000 companies for both 1997 and 1998 to ascertain the impact and effectiveness of SFAS No. 131 in practice. Specifically, this research considers whether the new requirements have resulted in (1) a greater number of line-of-business (LOB) segments for some enterprises, particularly those who claimed to operate in one LOB under SFAS No. 14, (2) enterprises reporting more items of information about each segment, and (3) improved consistency of segment information with other parts of the annual report. The research also addresses whether restructuring by some firms might limit the provision of additional segment information under SFAS No. 131. The findings indicate significant changes from reporting under SFAS No. 14 including increased consistency with information in the MD&A and other annual report disclosures. However, the practices of a significant minority of companies continue to give some cause for concern.