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This paper serves as a commentary to Professor Ramanna’s paper, “Unreliable Accounts: How Regulators Fabricate Conceptual Narratives to Diffuse Criticism.” The case analyzed by Professor Ramanna is the case of CON 8 in which the FASB changed the qualitative characteristics originally identified in CON2 to eliminate the concept of reliability from those qualities accounting data must possess before such data is decision useful. This commentary intends to add some historical depth to the particular case analyzed by Professor Ramanna to demonstrate that conceptual veiling has been a continuous process since the FASB’s original concepts statements that created a conceptual framework made up of two conflicting narratives, i.e. a mixing of the language of two metaphors for accounting. These two metaphors are “accountability” and “information.” The fateful error that has plagued the concepts statements with incoherence since the FASB began was the repurposing of accounting to that of “decision usefulness.” Decision usefulness as defined by FASB had to contain the property of prediction, explicitly predicting the timing, amount and uncertainty of cash flows. However, information is always “about something;” it is not a free-floating abstraction. Since knowledge about the future in economic affairs has eluded the ability of economists and likely always will, FASB is allegedly providing information about the future for which is has not any noteworthy expertise. CON 8 is just another stage of the growing incoherence of the concepts project. The norms of double entry accounting that developed over centuries and shaped accounting’s fundamental concepts served the purposes of accountability for which information to be information must be reliable. The entire edifice of science would collapse if scientific information were not reliable. Without reliability, the boundary between information and misinformation is blurred to the point of invisibility. Professor Ramanna’s analysis provides great insight into the absurdity standard setters now endorse that information does not have to reliable!

This essay is a comment on the paper authored by Fischer, Ellman and Schocet (2021, The decline of substance over form in accounting. Accounting, economics, and law: A convivium. (forthcoming)) who argue that the trend in financial reporting regulation involves de-emphasizing the important of economic substance relative to form in how auditors are to perceive their role. The danger foreseen by the authors is the further shrinking of the leeway for professional judgment, which is an important hallmark of a true professional. Agreeing the authors have raised a crucial issue for any group claiming professional status, I try to add to the discussion by pointing out that form and substance in the realm of financial reporting regulation are not antipodes but complementary parts of a process of continuous redefining of what economic substance is. Social reality is socially constructed and as such choices of form made by humans effectively shape substance. Given the capture of accounting by economics during the 1960s, accountants have lost an appreciation for the tentativeness of economic substance and now serve not as participants in shaping economic substance but as enforcers of an imaginary economic substance that derives from the assumptions and values in the ideology of neoclassical economics.

For optimal diabetes management HbA1c, lipid and renal function measurements are key. Suitable point-of-care systems can provide such data in remote areas, diabetes camps, disaster relief, small community hospitals and in community screening days in disadvantaged regions. Some systems are currently used in Australian rural, remote and indigenous health services.

Research has described that adiponectin plays a key role in cardiomyocytes metabolism, however, the effects of exercise during obesity on cardiac adiponectin levels is unclear.To investigate the effects of constant-moderate endurance (END) and high-intensity interval training (HIIT), on heart adiponectin levels in mice.Two experiments were conducted: (1) preventive (EX1): 10 week-old male mice were fed standard (CHOW) or high-fat diet (HFD;45% fat) and simultaneously trained with END and HIIT for 10 weeks; (2) Treatment (EX2): after 10 weeks of dietary intervention, another cohort of 10 week-old mice were trained by both programmes for 10 weeks.In EX1, END and HIIT decreased low-molecular weight adiponectin (∼0.5-fold

(1) Background: studies on the long-term dynamic changes in fat depot metabolism in response to a high-fat diet (HFD) on hepatic lipid deposition and insulin resistance are sparse. This study investigated the dynamic changes produced by HFD and the production of dysfunctional fat depots on insulin resistance and liver lipid metabolism. (2) Methods: mice fed a chow or HFD (45% kcal fat) diet had three fat depots, liver, and blood collected at 6, 10, 20, and 30 weeks. Anthropometric changes and gene markers for adipogenesis, thermogenesis, ECM remodeling, inflammation, and tissue insulin resistance were measured. (3) Results: early responses to the HFD were increased body weight, minor deposition of lipid in liver, increased adipocyte size, and adipogenesis. Later changes were dysfunctional adipose depots, increased liver fat, insulin resistance (shown by changes in ITT) accompanied by increased inflammatory markers, increased fibrosis (fibrosis > 2-fold, p < 0.05 from week 6), and the presence of crown cells in white fat depots. Later, changes did not increase thermogenic markers in response to the increased calories and decreased UCP1 and PRDM16 proteins in WAT. (4) Conclusions: HFD feeding initially increased adipocyte diameter and number, but later changes caused adipose depots to become dysfunctional, restricting adipose tissue expansion, changing the brown/beige ratios in adipose depots, and causing ectopic lipid deposition and insulin resistance.

Introduction: CCN2, formerly known as CTGF, is a pro-fibrotic protein that is implicated in several diabetes-related complications. The role of CCN2 in mediating NASH fibrosis in diabetes has not been fully elucidated. We hypothesize that targeting liver CCN2 can prevent NASH fibrosis in diabetes. Aim: To examine whether hepatocyte specific homozygous gene deletion of CCN2 leads to less severe liver fibrosis compared with control mice exposed to high fat feeding and diabetes. Methods: Male control mice (B6.Cg-Tg(AlbCre)21Mgn/J (AlbCre) and homozygous CCN2fl/fl (CCN2fl/fl)), and hepatocyte specific CCN2 knockout mice (CCN2flxB6.Cg-Tg(AlbCre)21Mgn/J (CCN2KO)) were fed either standard chow or high fat diet (HFD; 45% kCal fat). HFD mice were rendered diabetic (HFD+DM) after 15 wks with low dose streptozotocin (2-3 x 0.65 mg/kg ip) then maintained for a further 10 wks. Liver fibrosis was assessed histologically with Picro Sirius Red (PSR) staining. Gene expression of fibrosis markers were measured by RT-qPCR. Biochemical assays were undertaken. Results: There was less fibrosis by PSR staining in the HFD+DM CCN2KO mice at the central vein (24% reduction, 2.20±0.84 controls vs. 1.66±0.82 CCN2-KO, p=0.03, one tailed Mann-Whitney test) and portal tract (18% reduction, 2.51±0.85 controls vs. 2.06±0.84 CCN2KO, p=0.04) compared with HFD+DM control mice. In HFD+DM CCN2KO mice, there were significant reductions in gene expression of collagen-I (44%, p=0.04), -III (44%, p=0.04) and -IVα1 (40%, p=0.01) but not in collagen-VI or fibronectin. Compared with chow fed mice, HFD+DM mice had higher body weight, BGLs, insulin levels, fat mass and AST and ALT activity but there was no difference in metabolic outcomes between control strains and CCN2KO mice. Conclusion: Our study has shown partial prevention of NASH fibrosis in diabetes in a novel model with hepatocyte specific CCN2 knockout mice. CCN2 is increasingly a potential target for limiting progression of NASH fibrosis in diabetes. Disclosure S. N. Parry: None. X. Wang: None. D. Min: None. J. S. Lourdesamy: None. P. F. Williams: None. A. Leask: Stock/Shareholder; Self; FibroGen. S. M. Twigg: Advisory Panel; Self; Abbott Diabetes, AstraZeneca, Boehringer Ingelheim Pharmaceuticals, Inc., Sanofi-Aventis, Consultant; Self; Aktivo Labs, Sanofi-Aventis, Research Support; Self; Abbott Diabetes, Speaker’s Bureau; Self; Abbott Diabetes, AstraZeneca.

Aims Delayed healing of diabetes-related foot ulcers (DRFUs) is associated with increased macrophage and matrix metalloproteinases (MMPs) at the wound site. Whether circulating monocyte phenotype and/or MMPs are altered in association with wound healing outcome is unknown, and was investigated in this study. Methods Blood was obtained from 21 participants with DRFU, at initial visit (V1), week-4 (V2), and week-8 (V3) for measurement of monocyte number (CD14+), phenotype (CD16, CD163) and chemokine receptors (CCRs) by flow cytometry, and circulating MMPs and TIMP-1 by ELISA. Results Six wounds healed during the study. At V1, non-classical CD16++ monocytes and MMP-3 were higher in healed vs unhealed (both p Conclusions These results indicate that circulating monocyte phenotype and MMPs alter as DRFUs heal. The relationship of %CD16++ monocytes with WCR and ROC curve suggest a predictive role of %CD16++ monocytes for ulcer healing.

Transforming growth factor β (TGFβ) a multifunctional cytokine is known to regulate cell proliferation, differentiation, migration and survival. Although there is variable expression of modulators of TGFβ action during differentiation, a differential effect on fat cell metabolism at the different stages of adipocyte differentiation was unclear. In the present study, 3T3L1 cells were used as an in vitro model to study the effect of TGFβ on adipogenic and thermogenic markers at various stages of preadipocyte to mature adipocyte differentiation. As in our earlier studies on the effect of TGFβ on CEBP’s, we used a standard differentiation mix, and one with the addition of rosiglitazone. RhTGFβ1 was added to undifferentiated adipocytes (preadipocytes) and to adipocytes at day 0 (commitment stage) as well as day 10 (terminal differentiation). Cellular responses in terms of Pref1, PPARγ, TLE3, PGC1α, PRDM16, UCP1 and UCP2 mRNA levels and selected protein products, were determined. Increases in PPARγ, PRDM16, UCP1 and UCP2 mRNA and decreases in Pref1 are good indicators of successful differentiation. The early addition of rhTGFβ1 during commitment stage decreased PPARγ, PRDM16, TLE3, UCP1 and UCP2 mRNA and decreased PRDM16 protein consistent with our earlier report on the inhibition of CEBP’s by TGFβ and CCN2. The addition of rhTGFβ1 to mature adipocyte at day 10 increased UCP1 mRNA and increased PRDM16 and UCP1 proteins. In the present study, our results suggest that TGFβ1 added late enhances the thermogenic potential of mature cells and causes 3T3L1 cells to differentiate to resemble brown or beige rather than white adipose tissue.

The obligations of corporations to members of society have been problematic since the corporate form came into existence. Under different rubrics, reporting firms’ socially responsible behavior has been extensively debated, and researched, for at least the past half century. The latest incarnation of corporate social reporting is labeled integrated reporting—the blending of the traditional financial report with a report on the firms’ achievements as socially responsible beings. In this paper, we provide a brief history of corporate social reporting to provide sufficient context for our discussion of a model of integrative reporting that provides for a better representation of just how socially responsible firms are. Progress so far in achieving meaningful integrated reporting that produces more socially responsible corporate citizens is disappointing. The structured narrative of financial performance still dominates the unstructured narrative about social performance. We argue this is partially attributable to two intellectual constraints limiting our ability to imagine systems that could produce better social outcomes from corporate behavior. One constraint is the dominance of “decision usefulness” as the purpose of accounting. The second intellectual constraint is the reluctance to seriously consider that the problem of corporate social responsibility (CSR) lies in the corporate form itself. Thus far, the integration of these reports to give equal status to financial and social performance is not close to achievement. We propose that a first step to developing an integrated report is to adopt a governmental reporting model for corporations. If the six capitals model proposed by IIRC is to be a movement toward more ethical corporate behavior, then the six capitals must be deemed as equally valuable ends and certainly not subservient to only financial ends. The current financial reporting model strongly mitigates against this happening. We argue that each of the capitals is analogous to what in governmental parlance is a “program” or “function,” which require the commitment of financial resources for accomplishment. Thus, a truly integrated report will disclose to all stakeholders what resources are committed to enhancing each of the six capitals as ends in themselves.

Many nations struggle to provide adequate diabetes care. Legal as well as moral obligations may facilitate access. International human rights law places obligations on governments to ensure the accessibility and affordability of insulin (a World Health Organization essential medicine), and other components of diabetes care. Despite this obligation, the global reality is that access remains deficient. A human rights approach facilitating the improvement of diabetes services and equitable access to insulin provides a strong framework, theoretically and practically, for advocacy and policymaking changes. This approach links governments to their international obligations, fosters the ideal of, and adherence to, national essential medicine lists, complements the pursuit of international goals in non-communicable diseases, and should influence the actions of pharmaceutical and device companies. This approach empowers patients, families, and communities living with diabetes, and grounds actions by governments, clinicians, and non-government organisations in the principles of dignity, non-discrimination, and equity of access.

Purpose The purpose of this paper is to determine what types of sustainability activities companies are reporting and whether persons external to the companies understand how those reported activities correspond to the companies’ narratives about sustainability. That is to ascertain how people interpret the meaning of the activities included in the sustainability reports. Design/methodology/approach From a sample of sustainability reports prepared by Global Reporting Initiative (GRI) guidelines, the authors identified the distinct activities reported. The authors prepared a survey comprised of these activities and asked a sample of people knowledgeable about business and investing to evaluate each activity on the extent to which they are relevant to sustainability performance. The responses were then factor analyzed to identify the most important dimensions of sustainability these persons employed to relate the activities to sustainability. Findings The dimensions employed by the subjects differed in some significant ways from those dimensions used to construct the GRI format. Subjects evaluated sustainability efforts as primarily efforts of being a good citizen with sustainability an end in itself rather than as constraint to be respected in achieving profitability goals. Research limitations/implications The study is a first attempt so results are preliminary, i.e. suggestive but not definitive. Though preliminary an intriguing implication is that closure on a sustainability reporting structure would be premature. More effort needs to be devoted to provide more clarity on the concept of corporate sustainability and what its implications are for corporate behavior. Practical implications Given the results that sustainability be regarded as a corporate end, what is the role of the corporation in society seems still to be disputatious. Sustainability may not be something achievable without changes in corporate law. Originality/value The study is an early attempt to assess the potential alternative narratives about corporate sustainability. Its value lies in providing insights into the age-old question of what should be the role of the corporation in a free society.

Aims This study was conducted to evaluate existing burden and unmet needs related to mealtime insulin (MTI) injection timing among adult Japanese patients with type 1 (T1D) and type 2 (T2D) diabetes. It also aimed to evaluate if a novel MTI could reduce this burden. Methods This study comprised of a qualitative pilot study facilitating development of an online survey item; followed by an online quantitative survey involving T1D, young T2D (yT2D) and elderly T2D (eT2D) patients to assess burden of current MTI timings in Japan. Results Overall, 38% patients (amongst T1D, yT2D and eT2D groups) reported injecting MTI just before start or during meal in the past month. Experiencing lower glucose level/hypoglycemic condition before the meal and forgetting were the main reasons for injecting during/after meal in T1D and T2D patients respectively. Patients reported moderate-to-severe burden in multiple aspects of their lives, associated with current MTI timing. Most patients perceived that this burden would remain the same if a faster acting MTI was available. Conclusions Substantial burden reported by Japanese patients regarding the current MTI timings suggests the need for new MTI products that could achieve optimal post-prandial glucose control at different timings to meet patients’ needs in Japan.

Despite formal ethics education and ethics-related continuing professional education (CPE) requirements, professional accountants continue to play a central role in enabling corporations to make unethical business decisions and take unethical business actions. Several jurisdictions in the United States require ethics education for licensure, but often the focus is on memorizing rules and regulations, rather than on providing tools to improve the moral practice of professionals and to help them resolve ethical dilemmas. The authors analyzed recent state Certified Public Accountant (CPA) society course offerings and found much more emphasis on memorization than on ethical reasoning to satisfy State CPA CPE requirements. To improve accountants’ ethical awareness and behavior, CPE providers should stress ethical reasoning rather than merely memorizing rules. Such changes will make future and present accountants and auditors more ethically aware, and thus more likely to improve their ethical decision-making. Nonetheless, the authors suggest that effective ethics education and training should start in the classroom with help from departmental advisory councils. Ethics courses offered in accounting programs as well as those offered by CPE providers can leverage the experience of members of advisory councils to create programs that resonate with professionals and foster lifelong ethical awareness and ethical reasoning skills.

Objective To investigate the associations of Graves' disease (GD) severity, autoimmunity and longitudinal liver enzyme changes with time in a cohort with well-characterized GD. Design Retrospective cohort study. Patients Patients diagnosed with Graves' disease, treated at Royal Prince Alfred Hospital Sydney, Adult Thyroid Clinic from 2000 to 2012 inclusive. Measurements Inclusion criteria were patients with a complete set of TSH, FT4, FT3, liver enzymes and TSH receptor antibody (TRAb) results prior to commencement of thionamide therapy. Results Of the 146 patients who had complete results, 69 (47%) had at least one abnormal liver enzyme. Gamma glutamyltransferase (GGT) was most frequently abnormal (74%), followed by alanine aminotransferase (ALT) (57%), alkaline phosphatase (ALP) (39%) and then aspartate aminotransferase (AST) (29%). Subsequent to thyroid function normalization, 78% of the liver enzymes were normalized, 10% were persistently abnormal and 12% were lost to follow-up. Circulating TRAb, FT3 and FT4 results were categorized into mild, moderate and severe elevations. At univariate regression analyses, TRAb, FT3 and FT4 levels were each significantly associated with abnormal liver enzyme profile. Multivariate regression including TRAB, FT3 and FT4 as independent variables demonstrated FT3 and FT4 were more strongly associated with abnormal liver profile than TRAb. However, the initial FT3 and FT4 levels were not associated with abnormal liver profile in the subgroup with persistently abnormal liver profile. Conclusion Graves' disease is commonly associated with abnormal liver enzymes, and most commonly with abnormal levels of GGT, and that an abnormal liver enzyme profile is more directly linked to the degree of thyrotoxicosis than levels of TRAB.

SYNOPSIS The number of companies reporting their corporate sustainability (CS) activities has significantly increased over the last decade. The result being a wide variability in the types of activities being reported and the ways the information is presented. An unanswered question is whether the information being reported by companies following the Global Reporting Initiative (GRI) CS framework is of interest to arguably one of the primary stakeholder groups, customers. Our study seeks to fill this knowledge gap by comparing the content of CS reports to results from a large-scale consumer stakeholder survey. By performing factor analysis on stakeholder evaluation of the importance of CS activities, we find that consumers see different dimensions than those put forth by the GRI framework, thereby suggesting a disconnect between corporate sustainability reporting and stakeholder views and interests. Our results indicate that risk and compliance are dimensions of interest to customers, while the GRI economic dimension is not viewed as important. Additionally, a new dimension of social justice is the most important to consumer stakeholders. Furthermore, the study highlights particular activities within each factor that are most important to the consumer stakeholder group. This research has implications for preparers of sustainability reports and organizations, such as the GRI, that establish guidance for sustainability reporting.

Professor Sunder’s book raises significant issues about the state of financial reporting, particularly his concern at the proliferation of complex rules for which there are only questionable justifications. In this review essay issue is taken not that there isn’t a problem with current financial reporting, but with the unexamined premise about the nature of that problem and the role that accounting and auditing play in the regulation of the modern, powerful corporation. It is argued that rules are the logical consequence of a competitive order and that resorting to norms as an alternative to rules or standards promises no better alternative unless there is a critical examination of who is to be the community to which norms apply. Thus, it is crucial to question the premise of decision usefulness as the underlying purpose of accounting vis-a-vis the publicly traded corporation. I argue that re-considering the historical norms of accounting that are based on the premise that holding corporations accountable, is crucial to really rethinking financial reporting.

Differences in U-Pb metamorphic monazite ages in the northwestern Thor-Odin culmination of the Monashee complex, southern Canadian Cordillera, are explained in the context of the NNW-trending subvertical transcurrent Paleogene Victor Creek fault. Similar faults are present throughout the Canadian Cordillera. We demonstrate their potential importance in the interpretation of the history of Cordilleran deformation and metamorphism. A pervasive transposition foliation (S T ) is present throughout the Thor-Odin culmination as a result of Cordilleran and possibly earlier deformation. A pre-S T (or early S T ) foliation is preserved as aligned inclusion trails in porphyroblasts such as garnet and kyanite. Monazite U-(Th-)Pb isotope dilution−thermal ionization and secondary ion microprobe mass spectrometry (ID-TIMS, SIMS) ages are used to relate monazite growth to pre- and syn-S T fabrics and associated metamorphism. The ages of both pre- and syn-S T fabrics, and the gap between pre- and syn-S T ages decrease toward the east, in an apparently continuous manner. While monazite west of the Victor Creek fault is latest Cretaceous to earliest Eocene in age, monazite east of the Victor Creek fault is exclusively Eocene. Correlation of rock types across the faults is difficult because the same rock units are repeated many times on either side. However, distinctly different retained ages of metamorphism, and previously recognized differences in structures and detrital zircon signatures across the fault indicate 5−60 km offset along the fault. Similar trends occur across other faults along the western Monashee complex, and faults here and elsewhere in the Canadian Cordillera may have similar geological significance.

Jacob Soll is not an accountant turned historian, but a historian who has not turned accountant. For modern-day accountants educated as they are in the arcane language and rules of modern, decision...

Introduction: Accurate early risk prediction for gestational diabetes mellitus (GDM) would target intervention and prevention in women at the highest risk. We evaluated novel biomarker predictors to develop a first-trimester risk prediction model in a large multiethnic cohort. Methods: Maternal clinical, aneuploidy and pre-eclampsia screening markers (PAPP-A, free hCGβ, mean arterial pressure, uterine artery pulsatility index) were measured prospectively at 11–13+6 weeks’ gestation in 980 women (248 with GDM; 732 controls). Nonfasting glucose, lipids, adiponectin, leptin, lipocalin-2, and plasminogen activator inhibitor-2 were measured on banked serum. The relationship between marker multiples-of-the-median and GDM was examined with multivariate regression. Model predictive performance for early (< 24 weeks’ gestation) and overall GDM diagnosis was evaluated by receiver operating characteristic curves. Results: Glucose, triglycerides, leptin, and lipocalin-2 were higher, while adiponectin was lower, in GDM (p < 0.05). Lipocalin-2 performed best in Caucasians, and triglycerides in South Asians with GDM. Family history of diabetes, previous GDM, South/East Asian ethnicity, parity, BMI, PAPP-A, triglycerides, and lipocalin-2 were significant independent GDM predictors (all p < 0.01), achieving an area under the curve of 0.91 (95% confidence interval [CI] 0.89–0.94) overall, and 0.93 (95% CI 0.89–0.96) for early GDM, in a combined multivariate prediction model. Conclusions: A first-trimester risk prediction model, which incorporates novel maternal lipid markers, accurately identifies women at high risk of GDM, including early GDM.

BACKGROUNDThe IFCC Committee for Standardization of Thyroid Function Tests intended to standardize free thyroxine (FT4) immunoassays. We developed a Système International d'Unités traceable conventional reference measurement procedure (RMP) based on equilibrium dialysis and mass spectrometry. We describe here the latest studies intended to recalibrate against the RMP and supply a proof of concept, which should allow continued standardization efforts.METHODSWe used the RMP to target the standardization and reference interval (RI) panels, which were also measured by 13 manufacturers. We validated the suitability of the recalibrated results to meet specifications for bias (3.3%) and total error (8.0%) determined from biological variation. However, because these specifications were stringent, we expanded them to 10% and 13%, respectively. The results for the RI panel were reported as if the assays were recalibrated. We estimated all but 1 RI using parametric statistical procedures and hypothesized that the RI determined by the RMP was suitable for use by the recalibrated assays.RESULTSTwelve of 13 recalibrated assays had a bias, meeting the 10% specification with 95% confidence; for 7 assays, this applied even for the 3.3% specification. Only 1 assay met the 13% total error specification. Recalibration reduced the CV of the assay means for the standardization panel from 13% to 5%. The proof-of-concept study confirmed our hypothesis regarding the RI but within constraints.CONCLUSIONSRecalibration to the RMP significantly reduced the FT4 immunoassays' bias, so that the RI determined by the RMP was suitable for common use within a margin of 12.5%.

We examined whether first trimester aneuploidy and pre-eclampsia screening markers predict gestational diabetes mellitus (GDM) in a large multi-ethnic cohort and the influence of local population characteristics on markers.Clinical and first trimester markers (mean arterial pressure (MAP), uterine artery pulsatility index (UtA PI), pregnancy associated plasma protein A (PAPP-A), free-β human chorionic gonadotropin (free-hCGβ)) were measured in a case-control study of 980 women (248 with GDM, 732 controls) at 11 to 13 + 6 weeks' gestation. Clinical parameters, MAP-, UtA PI-, PAPP-A-, and free-hCGβ-multiples-of-the-median (MoM) were compared between GDM and controls; stratified by ethnicity, parity, and GDM diagnosis 24 versus ≥24 weeks' gestation. GDM model screening performance was evaluated using AUROC.PAPP-A- and UtA PI-MoM were significantly lower in GDM versus controls (median ((IQR) PAPP-A-MoM 0.81 (0.58-1.20) versus 1.00 (0.70-1.46); UtA PI-MoM 1.01 (0.82-1.21) versus 1.05 (0.84-1.29); p .05). Previous GDM, family history of diabetes, south/east Asian ethnicity, parity, BMI, MAP, UtA PI, and PAPP-A were significant predictors in multivariate analysis (p .05). The AUC for a model based on clinical parameters was 0.88 (95%CI 0.85-0.92), increasing to 0.90 (95%CI 0.87-0.92) with first trimester markers combined. The combined model best predicted GDM 24 weeks' gestation (AUC 0.96 (95%CI 0.94-0.98)).Addition of aneuploidy and pre-eclampsia markers is cost-effective and enhances early GDM detection, accurately identifying early GDM, a high-risk cohort requiring early detection, and intervention. Ethnicity and parity modified marker association with GDM, suggesting differences in pathophysiology and vascular risk.

In the spirit that a picture is worth a thousand words, the Pathways Commission Vision’s “perception” of accounting is a simplistic caricature of a practice epitomized by bookkeeping and governed by a “black letter” tradition whereby hard-and-fast rules exist for distilling the vast number of data business generates into a meaningful narrative about the financial state and performance of a firm. The “Reality” Vision is a rather heroic self-perception the profession has for the role it will play in producing a prosperous society. The problematic ambiguity with the “Reality” obviously revolves around the concept of “prosperous society” and what implications different notions of prosperous have for accounting’s role in society, given accounting’s (and accountants’) limitations. We propose a vision for a prosperous society based on the 17 UN goals, specifically focusing on the two which relate to income distribution and sustainability. We consider how accounting can play a role in helping achieve this view of a prosperous society.

Accounting as a professional practice plays a profound, unavoidable, and often unnoticed role in the lives of all citizens. As members of the Public Interest Section of the American Accounting Association, we explicitly explore the myriad social roles of accounting and promote its use to improve the general well-being. In this forum, to say accounting matters is to state the obvious and uncontested. Accounting's important social role imposes responsibilities on those defining and studying that role; as academics we are obligated to promote the highest standards in our research on accounting practice and its social implications. However, the dominant accounting research that explores and attempts to underlay accounting practice does not consistently adhere to the basic precepts of good scientific research practice. To serve the public interest, researchers in accounting can and must do more than award and distribute status via publication in journals whose prestige is high but whose requirements fail to meet scientific standards of reproducibility. We look first at the importance of accounting's role in society. Then we evaluate existing research practices in accounting and find them inadequate to the demands of scientific standards. We provide examples accounting academics could adopt from related disciplines in pursuit of more reliable research findings.

We present new multiscale structural, mineral chemical, and U-Pb isotope dilution–thermal ionization mass spectrometry (ID-TIMS) data in order to unravel part of the tectono-metamorphic evolution of the Shuswap complex in the southern Canadian Cordillera. We reconstructed the pressure-temperature-deformation-time ( P - T - d - t ) history of the Joss Mountain domain within the Shuswap complex. The west-dipping Greenbush shear zone separates the Joss Mountain domain from the structurally lower Thor-Odin culmination to the east, the southern culmination of the Monashee complex, and one of the structurally deepest parts of the Shuswap complex. At Joss Mountain, the protolith of an orthogneiss crystallized at ca. 360 Ma which is consistent with Late Devonian arc magmatism along the western paleomargin of North America. Joss Mountain metasedimentary rocks and orthogneiss were transposed at ∼21–29 km depth over a period of at least 20 m.y., and possibly more than 38 m.y., during Late Cretaceous to Paleocene mature stages of Cordilleran continental collision. This mature collision took place while slow detachment of the subducted oceanic lithosphere occurred and thermal conditions were approaching those of a crust undergoing postorogenic thermal relaxation. Transposition at Joss Mountain ended earlier and exhumation started earlier than in the Monashee complex. Exhumation occurred under conditions of near-isothermal decompression and geothermal gradients consistent with lithospheric thinning. Earlier and slower exhumation of the Joss Mountain domain than of the adjacent northwestern Thor-Odin culmination may have resulted from normal movement along the Greenbush shear zone contributing to the exhumation of the Shuswap complex.

Fat cell differentiation (FCD) potentiates adipose cell characteristics including lipid storage and insulin sensitivity. In vitro, we have demonstrated that CCN2, also known as connective tissue growth factor (CTGF), inhibits FCD in NIH3T3-L1 cells and in adipocytes isolated from mouse epididymal fat pads. The aim of this study was to determine if the CCN2 effect on FCD is dependent on TGF-β and TGF-β downstream pathway signalling.NIH3T3-L1 cells were differentiated using standard methods with IBMX/Dex/Insulin. FCD at day 10 was confirmed by induced gene markers resistin and adiponectin and by lipid accumulation. Cells were treated at d0 with single dose active rhTGF-β1 (2 ng/mL), rhCCN2 (500 ng/mL) and/or TGF-β type 1 receptor blocker (SB431542, 5 μM). Early induction of FCD transcription factors: CCAAT/enhancer binding proteins (C/EBPs) and peroxisome proliferator-activated receptor-γ (PPAR-γ), were also determined.In an early time course from 2 h, single doses of rhTGF-β1 or rhCCN2 significantly inhibited by ~70 % the induction of C/EBP-β and -δ mRNA, and also nuclear protein levels otherwise seen during FCD, whereas only delayed effects on PPAR-γ, at 48 h, occurred. Furthermore, the CCN2 inhibition of FCD markers adiponectin and resistin and lipid accumulation by Oil red O stain were each prevented by TGF-β receptor blockade. Similar prevention was found using pan-specific anti-TGF-β neutralising antibody. CCN2 and TGF-β treatment each rapidly phosphorylated SMAD-3 signalling in early stages of FCD.This work shows novel findings that CCN2 effects on FCD are both TGF-β and TGF-β pathway dependent and are related to early effects on C/EBPs.

SYNOPSIS In this brief paper, I provide an argument that the rigor that allegedly characterizes contemporary mainstream accounting research is a myth. Expanding on arguments provided by West (2003), Gillies (2004), and Williams (1989), I show that the numbers utilized extensively to construct the statistical models that are the central defining feature of rigorous accounting research are, in many cases, not adequate to the task. These numbers are operational numbers that cannot be construed as measures or quantities of any kind of stable property. Constructing elaborate calculative models using operational numbers leads to equations whose results are not clearly decipherable. The rigorous nature of certain preferred forms of accounting research is, thus, largely a matter of appearance and not a substantive quality of the research mode that we habitually label “rigorous.” Thus, the policy recommendations implied by the results of rigorous accounting research may be viewed with considerable skepticism.

Background Observational evidence suggests that community-based services for people with schizophrenia can be successfully provided by community health workers, when supervised by specialists, in low-income and middle-income countries. We did the COmmunity care for People with Schizophrenia in India (COPSI) trial to compare the effectiveness of a collaborative community-based care intervention with standard facility-based care. Methods We did a multicentre, parallel-group, randomised controlled trial at three sites in India between Jan 1, 2009 and Dec 31, 2010. Patients aged 16-60 years with a primary diagnosis of schizophrenia according to the tenth edition of the International Classification of Diseases, Diagnostic Criteria for Research (ICD-10-DCR) were randomly assigned (2:1), via a computer-generated randomisation list with block sizes of three, six, or nine, to receive either collaborative community-based care plus facility-based care or facility-based care alone. Randomisation was stratified by study site. Outcome assessors were masked to group allocation. The primary outcome was a change in symptoms and disabilities over 12 months, as measured by the positive and negative syndrome scale (PANSS) and the Indian disability evaluation and assessment scale (IDEAS). Analysis was by modified intention to treat. This study is registered as an International Standard Randomised Controlled Trial, number ISRCTN 56877013. Findings 187 participants were randomised to the collaborative community-based care plus facility-based care group and 95 were randomised to the facility-based care alone group; 253 (90%) participants completed follow-up to month 12. At 12 months, total PANSS and IDEAS scores were lower in patients in the intervention group than in those in the control group (PANSS adjusted mean difference -3.75, 95% CI -7.92 to 0.42; p=0.08; IDEAS -0.95, -1.68 to -0.23; p=0.01). However, no difference was shown in the proportion of participants who had a reduction of more than 20% in overall symptoms (PANSS 85 [51%] in the intervention group vs 44 [51%] in the control group; p= 0.89; IDEAS 75 [48%] vs 28 [35%]). We noted a significant reduction in symptom and disability outcomes at the rural Tamil Nadu site (-9.29, -15.41 to -3.17; p=0.003). Two patients (one in each group) died by suicide during the study, and two patients died because of complications of a road traffic accident and pre-existing cardiac disease. 18 (73%) patients (17 in the intervention group) were admitted to hospital during the course of the trial, of whom seven were admitted because of physical health problems, such as acute gastritis and vomiting, road accident, high fever, or cardiovascular disease. Interpretation The collaborative community-based care plus facility-based care intervention is modestly more effective than facility-based care, especially for reducing disability and symptoms of psychosis. Our results show that the study intervention is best implemented as an initial service in settings where services are scarce, for example in rural areas.

The USaccounting profession was caught up in, and some say responsible for, the whirlwind of accounting and business scandals that rocked the US markets in 2002. To restore investor confidence in financial information, the Sarbanes-Oxley Act created a new Public Company Accounting Oversight Board with the authority to set standards for auditors of publicly traded companies, thus ending a century of professional regulation of auditing. In this analysis we employ sociological theories of professionalism [1-4] to help understand the implications of the Sarbanes-Oxley legislation for the accounting profession and for the public interest. We explain why professional self-regulation is important for retaining valuable economic franchises. We also explain why the public interest orientation of the profession is important and how government take-over of auditing standards potentially erodes the public accounting profession’s commitment to the public interest. Self-control over professional work, a key characteristic of professional status, is pre-empted by the newly created government oversight body PCAOB. With government takeover of oversight of auditing practice, claims to professional status are weakened and professional commitment to and involvement with vital work standards may suffer. In addition, the profession may no longer have incentives to promote the public interest or to innovate and change in response to changing conditions. We also trace events leading up to Sarbanes-Oxley legislation and conclude that underlying problems arising from internal work differentiation as consulting work became more profitable and glamorous and development of a commercially oriented work culture may continue to threaten the profession in the future. Finally, we speculate that the greatest costs may be opportunity costs as the profession no longer has the incentives or ability to innovate and embrace new forms of accountability.

Aim Develop a first trimester risk prediction model for GDM based on maternal clinical characteristics in a large metropolitan multi-ethnic population and compare its performance to that of other recently published GDM prediction models and clinical risk scoring systems. Methods A retrospective case control study of 248 women who developed GDM and 732 controls who did not. Maternal clinical parameters were prospectively obtained at 11–13+6 weeks’ gestation. A predictive multivariate regression model for GDM was developed, evaluated using areas under the receiver-operating characteristic (AUC) curve. The performance of this model was then compared with other published GDM prediction models applied to our cohort and our existing clinical risk scoring system. Results Previous GDM, family history of diabetes, age, south/east Asian ethnicity, parity and body mass index (BMI) were significant predictors for GDM. The AUC of our multivariate regression model was 0.88 (95% Confidence Interval 0.85–0.92). This performed better than other predictive models applied to our cohort (AUCs 0.77–0.82). Conclusion A multivariate model based on weighted maternal clinical risk factors accurately predicts GDM in early pregnancy and performs better than other proposed multivariate and clinical risk scoring models in a multiethnic cohort.

In Professor Baker’s review of the book by Pakaluk and Cheffers (2011) he took exception to their contention, implied in the book’s title, that accounting ethics contributed to the current financial crisis. Baker’s claim is that there is no evidence to support that contention. There have been a number of apologias for the accounting profession with respect to any culpability it might have in bringing the world to the state of financial crisis in which it currently finds itself. The financial crisis itself is evidence for accounting’s culpability in the crisis because the profession failed to prevent it. Since the inception of the profession in the United States, at least, the rationale for a profession of accounting has been that sufficient, reliable information would allow financial markets to self-police and lead to some kind of efficient allocation of capital, i.e., accounting functions to lubricate the capital markets and remove the frictions that result from “information asymmetries” and other such bothersome shortcomings inherent in markets. There is ample evidence that the profession has failed in that aspect of its self-proclaimed responsibility and, thus, is indeed partly responsible for the financial crisis. And, I intend to argue, that failure is at least partly a moral failure for which the profession, qua a profession, is responsible.

Diabet. Med. 28, 1272–1276 (2011) Abstract Aims Icodextrin is a glucose polymer used to maintain an osmotic gradient in peritoneal dialysis. Metabolites of icodextrin are known to cause overestimation of blood glucose in glucose meters using glucose dehydrogenase/pyrroloquinolinequinone systems. The aim of this study is to determine the extent of icodextrin interference in glucose meters using the newer glucose dehydrogenase/NAD or glucose oxidase systems. This has not been established previously. Methods Fasting blood samples (n = 4) were spiked with either one icodextrin metabolite (maltose, maltotriose or maltotetraose) or a combination, at various blood concentrations expected during dialysis. Samples were tested in triplicate on: five glucose-meters, a Radiometer® (glucose oxidase/hydrogen peroxide) and laboratory (hexokinase) analysers. Each meter was also tested on blood from six patients undergoing dialysis. Accuracy was evaluated as % Bias = [(meter glucose – laboratory glucose)/laboratory glucose] × 100. Results A single icodextrin metabolite affected glucose measurements and, in combination, the interferences were additive in the two Accu-Chek® and Optium® Xceed meters by > 10%. Amongst these meters, the Optium Xceed 5-s machine was less affected. Meters using glucose oxidase were least affected by interference. A similar trend in interference was observed in vivo. Conclusion While meters using glucose dehydrogenase/NAD are less affected by icodextrin metabolites, interference can still be demonstrated. The degree of interference can vary in different glucose meters using this enzyme/cofactor system, as seen in the Optium Xceed machines. Icodextrin is an important source of interference that sometimes even experienced professionals are unaware of and which leads to clinically significant errors in insulin dose adjustment. Awareness of this interference and selection of the most appropriate glucose meters are crucial to minimize this hazard.

Background & Aims While type 2 diabetes is an independent risk factor for worsening of human non-alcoholic steatohepatitis (NASH) in clinical studies, it has not been systematically reported in any model whether diabetes exacerbates NASH. The study aim was to determine if diabetes causes NASH progression in a mouse model of diet induced obesity. Methods C57BL/6 mice were fed a high fat diet (HFD: 45% kcal fat) or standard chow (CHOW: 12% kcal fat) for 20weeks and some animals (HFD+DM or CHOW+DM) were also rendered diabetic by low dose streptozotocin for the final 5weeks, to model type 2 diabetes. Serum assays included circulating insulin, triglyceride, ALT and AST, glucose, and ultrasensitive CRP and results of insulin tolerance tests. Intrahepatic lipid, triglyceride, macrophage infiltration, and fibrosis were determined. Fibrosis markers collagen-I, collagen-III, CTGF, TIMP-1, and FAP were assessed by qPCR and CTGF and collagen-I by immunostaining. Results HFD mice were obese, insulin resistant and hyperinsulinaemic, with NASH features of elevated intrahepatic lipid and macrophages, but without fibrosis. In contrast, the HFD+DM mice exhibited fibrosis in addition to these NASH features. By ANOVA, Sirius red staining at perisinusoidal, portal tract and central vein sites, collagen-I , collagen-III , FAP , and TIMP-1 transcripts and collagen-I and CTGF protein were each significantly increased in HFD+DM, compared with CHOW alone. In a further experiment, insulin treatment protected against fibrosis and CRP increases in HFD+DM, showing that diabetes, not streptozotocin, causes the fibrosis. Conclusions This novel model indicates that diet-induced NASH fibrosis is exacerbated by diabetes and attenuated by insulin therapy.

A detailed structural and metamorphic study along a transect from the core of the Thor-Odin dome to its western margin (South-eastern Canadian Cordillera) has allowed the reconstruction of the P–T-d–t history estimating PT changes, during successive fabric development. The dome comprises a recumbently-folded and transposed Proterozoic high-grade basement and Late Proterozoic-Palaeozoic metasedimentary cover, characterised by a regional foliation (S T ). An inferred, nearly-isothermal decompressional path, from a maximum depth of ca. 40 km, transgresses the “maximum relaxed geotherm”, consistent with exhumation during lithospheric extension. Contrasting pre-S T PT conditions indicate that different units followed different PT paths before S T development. Traces of these early and variable structural and metamorphic re-equilibration steps are preserved in meter-scale boudins and granular-scale domains poorly affected by transposition. The various paths represent events, from Palaeoproterozoic to Proterozoic Rodinia break up, to Jurassic-Cretaceous convergence and final exhumation in the Eocene. Much of the deformational and metamorphic history may have been accumulated before onset of S T . However, the early structural history is overprinted, and mineral assemblages and their relative ages are mostly obscured by S T development. A glimpse of the earlier geologic history is possible only by combining micro-structural analysis and PT estimates.

Such major scandals as the savings and loan failures in the late 1980s and 1990s, the Enron, Global Crossing, WorldCom and Tyco corporate scandals, Arthur Andersen’s demise, and the current crisis of the financial system have all been linked directly or indirectly to false, misleading, or untruthful accounting. Thus, in a pragmatic sense the question of the veracity of accounting or what it could mean for accounting to be true seems to exist. The assertion of a false or misleading financial report implies some belief that there could exist a true or not-misleading report. Accounting-standard setters have finessed this issue by agreeing that “decision usefulness,” not truth, is financial reporting’s ultimate objective. Over time they have gravitated to a coherence notion of truth to provide rationales for accounting policy. The result has been a serious conflict between the content of financial accounting and the auditing of that content. In this paper we describe this conflict and its consequences and, relying on John McCumber’s work, provide an argument about how accounting scholars and practitioners might begin to think more cogently about what a truthful type of corporate reporting might be. We suggest that accounting-standard setters have too narrowly construed what accounting’s role in democratic society is and how the contradictions of current standard-setting jeopardize the essential professional franchise of accountants, the audit function.

Changes in skeletal muscle adiponectin induction have been described in obesity and exercise. However, whether changes are consistent across muscle types and with different exercise modalities, remain unclear. This study compared the effects of diet and two isocaloric training programs on adiponectin induction and its regulators in three muscles: quadriceps (exercising/glycolytic‐oxidative), gastrocnemius (exercising/glycolytic), and masseter (nonexercising/glycolytic). Ten‐week‐old male C57BL/6 mice were fed a high‐fat diet (HFD) (45% fat) or standard CHOW diet (12% fat) ad libitum and underwent one of two training regimes: (1) constant‐moderate training (END), or (2) high intensity interval training (HIIT) for 10 weeks (3 × 40 min sessions/week). Chow and HFD‐fed untrained mice were used as control. Compared with Chow, HFD induced an increase in protein levels of low‐molecular weight (LMW) adiponectin in gastrocnemius and masseter (~2‐fold; P

The Financial Accounting Standards Board (FASB) describes its public interest function as “…developing standards that result in accounting for similar transactions and circumstances in a like manner and different transactions and circumstances…in a different manner (Facts about FASB).” This statement implies that rule-makers possess an expertise that makes analogizing transactions or circumstances to other transactions or circumstances unproblematic. In this paper we utilize two instances of standard-setting, SFAS 123R and SFAS 143, to demonstrate from FASB's analogic reasoning in these cases that similarity and dissimilarity are not so easily ascertained. A judgment about similarity invariably involves ignoring some perspectives of similarity that would lead to substantially different conclusions about the appropriate accounting. We also illustrate via the two examples the inherent value judgments that underlie the conclusions reached by FASB and how these value judgments raise questions about the ethics of the current standard-setting process.

Exercise regimens may have differing effects in the presence of obesity. In addition to being fat derived, adiponectin has recently been described as a myokine that regulates insulin sensitivity, which may link to exercise‐related metabolic benefits in obesity. Whether skeletal muscle adiponectin varies in different exercise modalities is unclear. This study investigated the comparative effects of 10 weeks of endurance constant‐moderate intensity exercise (END) with high intensity interval training (HIIT), on metabolic outcomes, including muscle adiponectin in a mouse model of diet‐induced obesity. Ten‐week‐old male C57BL/6 mice were fed a high‐fat diet (HFD) (45% FAT) or standard CHOW diet ab libitum and underwent one of three training regimes: (1) no exercise, (2) END, or (3) HIIT (8 bouts of 2.5 min with eight periods of rest of 2.5 min) for 10 weeks (3 × 40 min sessions/week). Chow‐fed mice acted as controls. Compared with HFD alone, both training programs similarly protected against body weight gain (HFD = 45 ± 2; END = 37 ± 2; HIIT = 36 ± 2 g), preserved lean/fat tissue mass ratio (HFD = 0.64 ± 0.09; END = 0.34 ± 0.13; HIIT = 0.33 ± 0.13), and improved blood glucose excursion during an insulin tolerance test (HFD = 411 ± 54; END = 350 ± 57; HIIT = 320 ± 66 arbitrary units [AU]). Alterations in fasting glycemia, insulinemia, and AST/ALT ratios were prevented only by END. END, but not HIIT increased skeletal muscle adiponectin mRNA (14‐fold; P

Accounting and the Public Interest is a completely electronic journal published by the Public Interest Section of the AAA. There is one editor and two associate editors; the associate editors are selected by the editor as are the members of the editorial board. All submissions are electronic and go to the editor. The editor reads each submission to determine whether the paper is of sufficient substance to be sent to reviewers. It is the unusual case that the editor ends the process at this stage, but it has occurred during my tenure as editor. Based on the subject matter of the paper, the editor selects two reviewers based on their qualifications to review the paper. Each reviewer is sent a copy of the paper, a reviewer form for providing his or her recommendation and an email requesting the review (no paper copies of anything are exchanged among authors, editor or reviewers). When the reviews are returned, the editor considers the comments and recommendations and decides whether the review process should continue. If so, the editor provides an email to the author(s) describing the revisions that seem appropriate along with the comments of the reviewers. This process proceeds iteratively through successive revisions until either an acceptable paper is produced or the decision is made that progress toward producing a publishable paper is not occurring and the review process is ended. The role of the associate editors is twofold. The first responsibility of the associate editors is to advise the editor on problematic cases, which may include being a third reviewer. The second responsibility is to act as the editor in those cases where the editor deems it appropriate to recuse himself from the process, e.g., if the author is a close colleague. In this circumstance it is the associate editor that makes the decision regarding the disposition of the paper. This has been the process during my term as editor. Starting January 1, 2010, Professor Robin Roberts of the University of Central Florida assumed the editor position. He may very well make some changes to the process just described, particularly since he will be using the automated submission process recently made available to all AAA publications.

This paper is derived from my participation as a faculty guest of the University of Wollongong's Faculty of Commerce 20th Annual Doctoral Consortium. Consistent with the theme of “paradigm, paradox, and paralysis?”, I argue in this paper that accounting practice and scholarship suffer from paralysis created by the imposition of a neoclassical economic paradigm. Starting from the premise that accounting is foremost a practice, I argue that accounting cannot be limited by any one type of understanding. A human practice like accounting is simply to multi- faceted and complex to be sensibly “modeled” in any one particular way. The “flight from reality” (Shapiro, 2005), that occurred because of the empirical revolution in accounting, should be abandoned in favor of a more problem driven approach to accounting research and practice.

West [West, B. (2003). Professionalism and accounting rules. London: Routledge] and Chambers [Chambers, R. J. (1966). Accounting evaluation and economic behavior. Houston: Scholars Book Company] have provocatively argued that financial reporting has reached a state of near-total incoherence. In this paper, we argue that a source of this incoherence is the transformation of the US accounting academy into a sub-discipline of financial economics, a transformation in which accounting became a servant of the imaginary world of neoclassical economics. After noting the unusually prominent role of rules within the accounting profession, we describe the displacement of accounting’s centuries-old root metaphor of accountability by the metaphor of information usefulness, and situate that displacement within neoliberalism, a broader political movement that arose after World War II. Finally, we use SFAS 123R, the recently issued stock option standard, as a case study of the incoherence that West and Chambers assert. Through various issues – such as reflexivity, theory paradox, and unexplained questions of responsibility – we demonstrate the logical inconsistencies involved in SFAS 123F. The incoherence of stock option reporting rules raises serious questions about the information metaphor as a foundation for either individual rules or the standard setting process. The Financial Accounting Standards Board’s (FASB) attempts to make the imaginary world of neoclassical economics real have resulted in rules which are not defensible. “We may start with a simple observation: so far as modern scientists know no one, not even the most adapt (sic) fakirs and clairvoyants, have ever learned anything from the future (all emphases in original)” Carl Thomas Devine (1962, p. 13). In his critique of current accounting theory, West observed that accounting failures and public relations crises tend to precipitate “calls for formally stated accounting rules,” (2003, p. 106). A highly salient and contentious example of the accounting profession’s rule-making response is the recent well-publicized battle over accounting for stock options in the US. The history of stock option accounting is the history of an accounting problem never solved. In the US the use of stock options was blamed as a key feature of the irrational exuberance driving the stock bubble of the late 1990s (Berenson, 2003 and Walters and Young, 2008); when that bubble burst, the stock market declined dramatically. As a way to restore the public’s confidence in capital markets, legislators and public accounting rule-makers seized upon changing the required accounting for stock options, exhibiting a conventional faith that disclosing the magnitude of such compensation to market participants would lead to market solutions to the problem. Instead of asking whether stock option abuses could be addressed more effectively by taxation or other regulations, the accounting profession created yet another complicated rule to provide greater “transparency.” If legislators and rule-makers could create new rules to address the abuse of stock options, then perhaps less attention would be paid to deeper, more systemic problems underlying the practice and structure of capital markets and of public accounting. We use the FASB’s rules on stock option accounting (Statement of Financial Accounting Standards 123R, henceforth SFAS 123R) as a case study illustrating the incoherence of accounting that West (2003) describes. We look first at the unusually prominent role of rules in public accounting. We then describe the current root metaphor (information) which provides the underlying rationale for the form and content of accounting rules and explore the earlier metaphor it explicitly replaced. We then look at how the metaphor of information usefulness emerged in the US and contributed to the formation of current stock option reporting rules. We expose the internal contradictions within stock option reporting rules, which arise because of theoretical weaknesses underlying the current information usefulness metaphor. Finally, we briefly look at what we believe the resulting incoherence within the stock option reporting rules tells us about accounting theorizing and standard setting.