In April 2004, the NYU Pollack Center for Law & Business hosted Dr. Katherine Schipper, member of the Financial Accounting Standards Board and former professor of law and accounting at the University of Chicago and Duke University, when she delivered the annual Olincy Accounting Lecture at the Stern School of Business in April 2004 to an interested group of students, faculty, and practitioners in accounting, finance and the law. Dr. Schipper addressed what she identified as three fundamental and pervasive issues in financial reporting today. First, she discussed the accouting definition of "control," which it means to control an asset and the proper timing for one entity to consolidate another. Second, she considered the defining elements of capital and what distinguished liabilities from equity. Finally, she talked about various methods for obtaining reliable fair value measures.
Olincy Accounting Lecture
During the lively presentation, Dr. Schipper answered many participants' questions regarding the concept of control, consolidation, and measurement principles.
The Lecture is supported by a grant from the Olincy Foundation, which has a special interest in the connections between law and accounting. The previous Olincy Lecture was given by Richard Miller, General Counsel of the American Institute of Certified Public Accountants.