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When a CEO was asked what keeps him up at night, his response was, "Relevancy of our core products." In that case, The End of Accounting, by Professor Baruch Lev and Feng Gu, should contribute many sleepless nights to the entire accounting profession. The accounting model is suffering from what philosophers call a deteriorating paradigm—the theory gets increasingly complex to account for its lack of explanatory power.
Generally accepted accounting principles (GAAP) fits an industrial enterprise, not an intellectual one. Despite this, a majority of the developed world’s wealth resides in human capital; the type of capital not found in traditional GAAP financial statements. The End of Accounting finds that today's financial reports provide a trifling five to six percent of the information relevant to, and used by, investors. Learn more about this topic and what can be done.
Any CPA interested in the future of accounting and how financial reporting could better serve investors and other stakeholders in organizations
Ronald J. Baker is the founder of VeraSage Institute, dedicated to teaching value pricing to professionals and bettering the professions, and a radio talk-show host on the VoiceAmerica.com show, The Soul of Enterprise: Business in the Knowledge Economy. He has been an instructor for the CalCPA Education Foundation since 1995, teaching 15 courses, and is the best-selling author of six books, including The Firm of the Future, Pricing on Purpose, Measure What Matters to Customers, Implementing Value Pricing, Mind Over Matter, and The Soul of Enterprise: Dialogues on Business in the Knowledge Economy.
Baker has toured the world, spreading his value-pricing message to over 150,000 professionals. He has been appointed to the AICPA Group of One Hundred; named to Accounting Today’s Top 100 Most Influential People in Accounting list in 2001-2007 and 2011-2016, and voted number six, nine and three on its Top 10 Most Influential People in Accounting list in 2012-16; selected as one of LinkedIn’s 150 Influencers, with over 220,000 followers; and received the 2003 Award for Instructor Excellence from the CalCPA Education Foundation.