Fisher School of Accounting annual report

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Fisher School of Accounting annual report
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2006-2007 ANNUAL REPORT


FISHER SCHOOL OF ACCOUNTING


SFisher School
of Accounting
Warrington College
of Business Administration
UNIVERSITY of FLORIDA


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From the Director


The University of Florida had unprec-
edented national success in the last year
with its basketball and football champi-
onships. The Fisher School is no stranger
to national success. We've been a top
ranked accounting program for many
years.

Our success is built on the high quality
and sustained effort of our students,
faculty, and staff. Our alumni and friends
nuture and sustain our efforts with their
significant support.

This report highlights recent activities
of Fisher School students, faculty, and
alumni. Our current students remain the
best that the University of Florida has to
offer, Fisher School alumni are making
a real difference in the profession and
in their communities, and Fisher School
faculty continue to make international
contributions through their research,
teaching, and service. This report is
merely a snapshot in time. Please visit
our webpage often to keep abreast of
information about the Fisher School.


The Fisher School is committed to being
the very best accounting program in the
nation. Each generation of graduates
contributes to our success. Alumni
become leaders in the business world and
academia, their accomplishments attract
attention to our current students, and
generous alumni and friends provide the
financial support that allows us to offer a
world-class environment for learning and
scholarship. This environment in turn
attracts outstanding faculty members
and students so that we may build on the
foundations created by those who have
worked so hard in the past.

I began my academic career at the
University of Florida over 20 years ago
and I am very honored to serve the
Fisher School as its Director. I take great
pleasure in the success of our students
and faculty and I am committed to
furthering our tradition of excellence.

Gary McGill
Director















Accounting Degree Programs


Freshman 144 152 161 162 15U
Sophomore 143 123 167 138 122
Junior 198 186 229 240 215
Senior 154 159 141 154 135
Post Bacc. 0 0 II 25 37
Total
Total 639 620 709 719 659
Undergraduate
Graduate 181 235 242 196 221
Total
Total 820 855 951 915 880
Enrollment






U.S.News & World Report
Ranking of the Best Accounting Programs



Public & Public &
Year Public Prive Public Priva
Private Private
2007 7 14 7 12
2006 8 19 7 I
2005 7 18 4 7
2004 6 13 6 10
2003 6 13 7 II


The Fisher School of Accounting awards the Bachelor
of Science in Accounting (BSAc) degree and the Master
of Accounting (MAcc) degree. The School's premier
professional program is the 3/2, an integrated five-year
program of study that culminates in the awarding of
both degrees. A concentration in accounting is offered
within the PhD in Business Administration.

Features of the accounting degree programs include:

* U.S.News & World Report recently ranked the
University of Florida seventh among the nation's
public universities with respect to accounting
programs (see chart).

* The School's student population is 51% male and
49% female and is composed of 71% White, 12%
Hispanic, 9% Asian, 4% Black, and 4% other
students.

* 202 BSAc and 139 MAcc degrees were conferred
from Fall 2005 through Summer 2006.

* The average GPA for undergraduate students
admitted Fall 2006 was 3.60. Graduate students
admitted for Fall 2006 had average upper-division
GPA, accounting GPA, and GMAT scores of 3.52,
3.35, and 614, respectively.

* Career Resource Center data indicate the vast
majority of graduates begin their career in public
accounting with starting salaries averaging $47,000.

* Graduate fellowships totaling approximately
$70,000 were awarded to 25 students at the 2006
Awards Banquet. Over 20% of the students in the
School's degree programs are engaged in graduate
studies (see chart).

* The most recent CPA exam results (2005) show the
School's BSAc graduates had a passing rate of 52%
(national; average: 27%). Students with a graduate
degree had a 59% passing rate (compared to the
national average of 35%).





































Faculty


Joel Demski Honored

The birthday of Joel Demski, Frederick E. Fisher Eminent Scholar in Accounting,
was marked by a research conference held in his honor at the University of Florida
during the Fall 2006 semester. Organized by more than a dozen of his former doctoral
students, the conference recognized Demski's contributions to accounting research
and to the careers of faculty members throughout the country.

Demski was a faculty member at Columbia, Stanford, and Yale prior to joining the
University of Florida. Among his numerous honors are membership in the Accounting
Hall of Fame, the American Accounting Association's Outstanding Educator Award,
and an honorary doctorate from Odense University.

The 50 attendees came from 19 different universities. Among the speakers were
William Beaver (Stanford University), Ron Dye (Northwestern University), Charles
Horngren (Stanford University), Katherine Schipper (Financial Accounting Standards
Board), and Shyam Sunder (Yale University).














New Faculty Join Fisher School


Between 1991 and 2004, state funding deficiencies
caused the number of full-time accounting faculty to
drop from 21 to 14 (a 33% decrease). In the last two
years, however, the Fisher School has been able to
add four new assistant professors to the faculty ranks,
bringing our total to 16:

* Vicki Dickinson began teaching at the University of
Florida in Fall 2006, after completing her Ph.D. at the
University of Wisconsin. Dickinson's background
includes serving as Vice President and Treasurer of
Minnesota Delta Corporation. She currently teaches
managerial accounting to MBA students.

* Haijin Lin joined the University of Florida in Fall
2004 after completion of her Ph.D. degree from
Carnegie Mellon University. Lin also holds degrees
from Fudan University and Shandong University
in China. She currently is a Grant Thornton Term
Professor and teaches both doctoral and master's
courses in accounting.

* Surjit Tinaikar is a Fall 2006 addition to the faculty.
His Ph.D. is from the University of Toronto. He also
holds degrees from Boston College and the University
of New Delhi, and has worked at the Securities and
Exchange Board of India and John Hancock Financial
Services. Tinaikar currently teaches the intermediate
financial accounting course.

* Jenny Tucker has been a University of Florida
faculty member since Fall 2004. Tucker was a project
manager for the China North Industrial Corporation
before earning a master's and a doctorate degree from
the University of Illinois and New York University,
respectively. She is the Luciano Prida Sr. Term
Professor, and teaches in the financial accounting
area at both the master's and doctoral level.


John Simmons Retires


John Simmons, KPMG Professor of Accounting and
the first Director of the Fisher School of Accounting,
retired at the end of 2004 after more than 30 years at
the University of Florida. He was a central figure in the
establishment of the Fisher School and its rapid rise to
national prominence, in the founding of the Federation
of Schools of Accountancy, and in the state's adoption of
the 150-hour requirement for a CPA license. Simmons
served in numerous leadership roles for national and
state organizations of the academic and professional
communities. His stature as a national leader was
evidenced by his selection as the AICPA's Accounting
Educator of the Year, Beta Alpha Psi Accountant of
the Year Award in Education, and as President of the
American Accounting Association.










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Faculty


Fisher School Faculty Members
Receive Honors

* The J. Michael Cook Award is
presented annually to recognize
excellence in teaching on the part of
Fisher School faculty. Doug Snowball,
J. Michael Cook / Deloitte Professor of
Accounting, was presented with the
2006 award by Mr. Cook at the
School's Spring banquet. Recent
previous recipients have been Deborah
Garvin (2005) and Stephen Asare
(2004).

* Sandra Kramer received the American
Taxation Service Outstanding Service
Award at the 2004 meeting of the
American Accounting Association
(AAA).

* Hadley Schaefer was a recent recipient
of the Outstanding Service Award for
the Management Accounting Section of
the AAA.


* W. Robert Knechel was selected by
the University of Florida as a 2005
Distinguished International Educator.


Gary McGillWins Research Award

Research by Gary McGill,
PricewaterhouseCoopers Professor
of Accounting, has received national
recognition from the American Taxation
Association. Along with co-author
Edmund Outslay, McGill was presented
with the Outstanding Manuscript Award
at the American Accounting Association's
Annual Meeting in San Francisco. The
award recognized McGill and Outslay's
National Tax Journal article "Lost in
Translation: Detecting Tax Shelter
Activity in Financial Statements".


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Faculty Service Activities


In addition to their teaching and research duties,
faculty are expected to make service contributions to the
university, to academic and professional organizations,
and to the broader community. Some examples of such
activities are:

* Gary McGill is a board member of the Federation of
Schools of Accountancy, a member of the Educational
Committee of the Florida State Board of Public
Accountancy, and recently completed two terms as a
board member of the American Taxation Association,
a section of the American Accounting Association.

* Deborah Garvin was recently appointed to the
Board of the Florida United Methodist Foundation.
The Foundation was established 40 years ago and
manages over $161 million of assets.

* Charles McDonald has provided expert testimony in
a number of cases involving accounting and auditing
issues.

* Jesse Boyles serves as Chapter Advisor and Alumni
Board member for University of Florida's Florida Blue
Key organization. He is also a member of the Faculty
Senate of the University of Florida.

* Dominique DeSantiago is a member of the University
of Florida's University Advising Council.

* W. Robert Knechel and Doug Snowball are members
of the Warrington College of Business Administration
Faculty Advisory Committee.


Fisher School, Ernst &Young
Host Auditing Conference

A mini-conference on auditing and corporate Governance
was held in Gainesville on January 15, 2007. The event
was the latest in a series of conferences hosted by the
Fisher School and Ernst & Young since 2002. W. Robert
Knechel, Ernst & Young Professor of Accounting, is the
organizer of the conference which featured participation
by auditing researchers from around the world.


Fisher School Research Productivity on the Rise

The quality and quantity of research publications by the
Fisher School faculty has increased markedly in recent
periods. At least in part, this reflects the hiring of new
faculty after years of declines in faculty numbers. Listed
below are articles published (or accepted for publication)
since January 2004.

Articles by Faculty (2004-2006)

Ajinkya, Bipin (with S. Bhojraj and P. Sengupta), "The
Association Between Outside Direction, Institutional Investors,
and the Properties of Management Earnings Forecasts,"
Journal of Accounting Research (June, 2005).

Asare, Stephen, "Plain Meaning versus Purposive
Interpretation: Ghana's Jurisprudence at a Crossroad,"
University of Botswana Law Journal_(June 2006).

Asare, Stephen (with A. Wright), "Identifying and Evaluating
Audit Issues: The Case of Vitalogistics," Issues in Accounting
Education, forthcoming.

Asare, Stephen (with J. Cohen and G. Trompeter), "The Effect
of Non-audit Services on Client Risk, Acceptance and Staffing
Decisions," Journal of Accounting and Public Policy (Volume
24, 2005).

Asare, Stephen (with A. Wright), "The Effectiveness of
Alternative Risk Assessment and Program Planning Tools in a
Fraud Setting," Contemporary Accounting Research (Summer
2004).

Asare, Stephen (with C. Haynes and G. Jenkins), "The Effects
of Client Risk and Preparer Competence on Workpaper
Review Effectiveness," Behavioral Research in Accounting
(forthcoming, 2007).

Demski, Joel, "Accounting and Economics", The New Palgrave
Dictionary of Economics i .i.. I ...,... i

Demski, Joel, "Analytical Modeling in Management Accounting
Research", Handbook of Management Accounting Research


Demski, Joel (with H. Frimor and D. Sappington), "Efficient
Manipulation in a Repeated Setting," Journal of Accounting
Research (March 2004).

Demski, Joel, "Endogenous Expectations", The Accounting
Review (April 2004).







Demski, Joel (with J. Christensen), "Asymmetric Monitoring:
Good versus Bad News Verification," Schmalenbach Business
Review (July, 2004).

Demski, Joel (with H. Frimor and D. Sappington), "Audit
Error," Journal of Engineering and Technology Management
I h I 1 ih- 1 1l i i I

Demski, Joel (with S. Fitzgerald, Y. Ijiri, Y. Ijiri and H. Lin),
"Quantum Information and Accounting Information," Journal
of Accounting and Public Policy (vol. 25, 2006).

Knechel, W. Robert (with D. Hay and V. Li), "Non-Audit
Services and Auditor Independence: Evidence from New
Zealand," Journal of Business, Finance and Accounting (2005).

Knechel, W. Robert (with A. Vanstraelen), "The Relationship
Between Auditor Tenure and Audit Quality Implied by Going
Concern Opinions," Auditing: A Journal of Practice & Theory


Knechel, W. Robert (with V. Naiker and G. Pacheco), "Does
Auditor Industry Specialization Matter? Evidence from Market
Reaction to Auditor Switches," Auditing: A Journal of Practice
& Theory ii... li .. ... ,, ..

Knechel, W. Robert (with P. Wallage, A. Eilifsen and Bvan
Praag), "The Demand Attributes of Assurance Services
Providers and the Role of Independent Accountants,"
International Journal of Auditing (forthcoming 2007).

Knechel, W. Robert, "The Role of Risk Management and
Governance in Determining Audit Demand," Journal of
Business, Finance and Accounting (2006).

Knechel, W. Robert, "The Business Risk Audit: Origins,
Obstacles (and Opportunities)," Accounting Organizations &
Society (2006).

Knechel, W. Robert (with D. Hay and N. Wong), "Audit Fees: A
Meta-Analysis of the Effect of Supply and Demand Attributes,"
Contemporary Accounting Research (Spring 2006).

Kramer, Sandra (with D. Bobek and R. Hatfield), "Professional
Liability Suits Against Tax Accountants: Some Empirical
Evidence Regarding Case Merit," Advances in Taxation
(Vol. 16, 2004).

Lin, Haijin, "Accounting Discretion and Managerial
Conservation: An Intertemporal Analysis," Contemporary
Accounting Research I ... I Ii. .. 1.,, .

Lin, Haijin (with J. Demski, S. FitzGerald, Y. Ijiri, and Y. Ijiri),
"Quantum Information and Accounting Information: Their
Salient Features on Applications," Journal of Accounting and
Public Policy (Vol. 25, 2006).

Lin, Haijin (with Y. Ijiri), "Moral Hazard Depicted in Markov
Processes with Strategy Options," Journal of Engineering and
Technology Management (Vol.23, 2006).


Lin, Haijin (with Y. Ijiri), "Symmetric Accounting to Integrate
'Goods' and 'Bads' in the Double-Entry Framework: Logically
Stretching the Domain of Conventional Accounting to the
Other Half Space," Journal of Engineering and Technology
Management I. l ..i .,, ,i..

McGill, Gary (with E. Outslay), "Lost in Translation: Detecting
Tax Shelter Activity in Financial Statements," National Tax
Journal (September 2004).

McGill, Gary (with E. Outslay), "Review of'Tax Stream: Tax
Provision and Planning Software'," Journal of the American
Taxation Association (Fall 2004).

McGill, Gary (with D. Ling), "The Variation of Homeowner Tax
Preferences by Income, Age, Leverage, and Location," Real
Estate Economics, forthcoming.

Tinaikar, Surjit (with G. Richardson), "Accounting Based
Valuation Models: What Have We Learned?" Accounting and
Finance (Vol. 44, 2004).

Tucker, Jenny (with P. Zarowin), "Does Income Smoothing
Improve Earnings Informativeness?" The Accounting Review
(January 2006).

Tucker, Jenny (with P. Zarowin and S. Ryan), "Classification
and Market Pricing of the Cash Flows and Accruals on Trading
Positions," The Accounting Review (March 2006).

Tucker, Jenny, "Is openness penalized? Stock returns around
earnings warnings." The Accounting Review (July 2007).





























































































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Major Gifts


Fisher School Receives Major Gifts

Fisher School alumni and friends continued to support our programs with
generous contributions in the last year. Approximately 25% of the Fisher
School's budget is funded with annual gifts and endowment income and
we are grateful to all our donors who consider the School in their yearly
charitable contributions. The University of Florida (including the Fisher
School) is embarking on our largest ever capital campaign in late 2007 and
we are seeking partners to help secure the future of our students, faculty,
and programs. Several significant new contributions from the past year
have made a significant impact at the Fisher School.

Lu Prida Sr. Term Professorship This professorship honors a family
with deep University of Florida and Fisher School roots, beginning in
1948 with the graduation of Lu Prida, Sr., the honoree of the Prida
Sr. Term Professorship. A decorated WWII veteran, Lu was able to
attend the University of Florida on the GI Bill. Thereafter, Lu used his
entrepreneurial skills to begin the Prida Firm in downtown Tampa, which
is now known as Prida Guida & Company. Since that time, the Prida
family has graduated three more outstanding members of The Gator
Nation. Lu Jr., a 1972 Accounting graduate and Principal in Prida Guida
& Company, his brother Xavier, a 1975 Liberal Arts and Sciences graduate
who is a practicing cardiologist in Tampa, and Lu Jr.'s son, Andres, a 2000
MAcc graduate and member of the family accounting firm.

Grant Thornton Term Professorship The Fisher School of Accounting
is grateful to Stan Levy of Grant Thornton for his assistance in securing
a gift of $75,000 to create the Grant Thornton Term Professorship. Levy,
Southeast Region Managing Partner with the firm, was instrumental in
establishing this professorship, which is be funded with an annual gift of
$25,000 for three years.

Jack Kramer Professorship In honor of Dr. John L. "Jack" Kramer's
significant contributions to tax and accounting education and the
University of Florida, we are creating a professorship to honor Jack. Bob
Lowe, a 1980 and 1981 UF accounting graduate, has pledged the lead gift
to create the Jack Kramer Professorship endowment. Bob has served on
the Advisory Boards for both the School and the College, and is the CEO of
Alvarez & Marsal.

For more information, please contact Erik Kahill at erik.kahill@cba.ufl.edu
or (352) 273-0236.














Students Organization Activities


Beta Alpha Psi

The UF chapter of this honorary
was established almost 70 years
ago. Beta Alpha Psi conducts a very
active professional program each
year, including:

* co-sponsorship of the UF/Florida
Institute of CPAs Graduate
Accounting Conference

* the Speaker Series (a formal
course featuring speakers from the
professional community)

* panel discussions (including the
Internship, Local Firms and Mid-
Market Firms panels)

* charitable activities (March
of Dimes and Ronald McDonald
House)

Three officers (Kelly Homniak,
Tracy F,'.id y and Brandon Duany)
attended the Beta Alpha Psi
National Convention in Washington
D.C.


Fisher School of Accounting
Council

The Fisher School of Accounting
Council (FSOAC) is part of the
campus-wide Board of College
Councils. The FSOAC serves as a
liason between faculty and students
and undertakes a variety of
activities such as:

* social events involving students
and faculty

* the fall orientation program
(including mentoring) for new
accounting students

* charitable activities (Bread of the
Mighty Food Bank)

* activities to assist students
in making career choices (the
Annual Spring Trip, the careers
workshop, and a speaker series
on opportunities outside the big 4
firms)

The FSOAC also hosts the School's
annual Spring Awards Banquet.


Recent Alumnus Tops Nation

For the first time, a graduate of the
Fisher School has earned the Elijah
Watt Sells Gold Medal Award given
for achieving the highest grade in
the nation on the Uniform CPA
exam. Alison Mathis had a near
perfect score (396 out of 400), the
highest earned among the 59,500
students taking the November 2003
exam.


Alison, a native of St. Petersburg,
received the BSAc and MAcc from
the University of Florida in May
2003. She maintained a perfect 4.0
GPA throughout her studies and
was selected by the faculty as the
Outstanding Tax Student for 2002-
2003. Alison joined the Tampa office
of PricewaterhouseCoopers after
graduation, and currently is a Tax
Manager in that office.


Alumni






U F Fisher School
UA of Accounting
Warrington College
of Business Administration
UNIVERSITY of FLORIDA

Fisher School of Accounting
PO Box 117166
Gainesville, FL 32611-7166

p: 352.273.0200
e: fsoa@cba.ufl.edu
www.cba.ufl.edu/fsoa






































Stay Connected!


Have you moved or taken a new job recently?
Please help us update your record!
Send your information to: alumni@cba.ufl.edu




Full Text

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F ISHER S CHOOL OF A CCOUNTING 2006-2007 A NNUAL R EPORT Fisher School of Accounting PO Box 117166 Gainesville, FL 32611-7166 p: 352.273.0200 Stay Connected! Have you moved or taken a new job recently? Please help us update your record! Send your information to: alumni@cba.u.edu

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onships. The Fisher School is no stranger to national success. Weve been a top years. Our success is built on the high quality This report highlights recent activities contributions through their research, our webpage often to keep abreast of Fisher School as its Director. I take great Gary McGill Director U.S.News & World Report public universities with respect to accounting accounting with starting salaries averaging $47,000. Fall 2006 Fall 2005 Fall 2004 Fall 2003 Fall 2002 Freshman 144 152 161 162 150 Sophomore 143 123 167 138 122 Junior 198 186 229 240 215 Senior 154 159 141 154 135 Post Bacc. 0 0 11 25 37 Total Undergraduate 639 620 709 719 659 Graduate 181 235 242 196 221 Total Enrollment 820 855 951 915 880 U.S.News & World Report Ranking of the Best Accounting Programs Graduate Ranking Undergraduate Ranking Year Public Public & Private Public Public & Private 2007 7 14 7 12 2006 8 19 7 11 2005 7 18 4 7 2004 6 13 6 10 2003 6 13 7 11

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Joel Demski Honored Faculty New Faculty Join Fisher School years, however, the Fisher School has been able to bringing our total to 16: Vicki Dickinson began teaching at the University of Minnesota Delta Corporation. She currently teaches Haijin Lin courses in accounting. Surjit Tinaikar Jenny Tucker John Simmons Retires

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Faculty Service Activities activities are: Gary McGill Deborah Garvin Charles McDonald issues. Jesse Boyles Dominique DeSantiago W. Robert Knechel Doug Snowball Fisher School, Ernst & Young Host Auditing Conference Fisher School Research Productivity on the Rise Articles by Faculty (2004-2006) Journal of Accounting Research University of Botswana Law Journal Issues in Accounting Education Journal of Accounting and Public Policy 24, 2005). Contemporary Accounting Research 2004). Behavioral Research in Accounting The New Palgrave Dictionary of Economics Handbook of Management Accounting Research Journal of Accounting Research (March 2004). The Accounting Review (April 2004). Fisher School Faculty Members Receive Honors excellence in teaching on the part of Fisher School faculty. Doug Snowball Schools Spring banquet. Recent previous recipients have been Deborah (2004). Sandra Kramer (AAA). Hadley Schaefer was a recent recipient the AAA. W. Robert Knechel Gary McGill Wins Research Award Research by Gary McGill, PricewaterhouseCoopers Professor Association. Along with co-author Annual Meeting in San Francisco. The National Tax Journal Translation: Detecting Tax Shelter Faculty

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Schmalenbach Business Review Journal of Engineering and Technology Management Journal of Accounting and Public Policy (vol. 25, 2006). Journal of Business, Finance and Accounting (2005). Auditing: A Journal of Practice & Theory Auditing: A Journal of Practice & Theory International Journal of Auditing Journal of Business, Finance and Accounting (2006). Accounting Organizations & Society (2006). Contemporary Accounting Research (Spring 2006). Advances in Taxation Contemporary Accounting Research Journal of Accounting and Public Policy Journal of Engineering and Technology Management Journal of Engineering and Technology Management National Tax Journal Journal of the American Taxation Association (Fall 2004). Real Estate Economics Accounting and Finance The Accounting Review The Accounting Review (March 2006). The Accounting Review

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Fisher School Receives Major Gifts Lu Prida Sr. Term Professorship Grant Thornton Term Professorship The Fisher School of Accounting is grateful to Stan Levy of Grant Thornton for his assistance in securing $25,000 for three years. Jack Kramer Professorship or (352) 273-0236. Beta Alpha Psi The UF chapter of this honorary Accounting Conference charitable activities (March House) National Convention in Washington D.C. Fisher School of Accounting Council The Fisher School of Accounting Council (FSOAC) is part of the Councils. The FSOAC serves as a activities such as: Annual Spring Trip, the careers The FSOAC also hosts the Schools Recent Alumnus Tops Nation perfect score (396 out of 400), the Alison, a native of St. Petersburg, of PricewaterhouseCoopers after