Dear Friends of the Department of Accounting:Greetings from the Department of Accounting

at the Kelley School of Business! As I write my first chair’s letter, I am reminded of two contradictory sayings: “Change is the only universal constant,” and “Everything old is new again.” I am sure that you noticed the change in the photo to the right. Joe Fisher has finished his term as chair and will move back on the faculty to concentrate on teaching and research. I want to thank Joe for all his hard work in leading the department over the past six years.

While I represent “change” as the new chair, I also characterize the “everything old is new again” adage. I have a long history with the Department of Accounting, having received B.S. and M.B.A. degrees from the Kelley School in the late 1970s. After working in public accounting, receiving my Ph.D. degree at the University of Chicago, and teaching at Duke University, I returned to the department 13 years ago as a faculty member. Now I am honored to have the opportunity to lead the department as chair. I also look forward to working with Mike Tiller who has signed on for another three-year term as Chair of the Graduate Accounting Program.

This fall the department welcomes Michael Crawley to our tenure track faculty. We also welcome Andrea (Andi) Romi, who joins our faculty as a visiting Assistant Professor. See page 2 for more details on their backgrounds and areas of expertise.

I am also proud to announce that four alumni with degrees in accounting received the 2010 Dis-

tinguished Alumni Service Award, the university’s highest honor for alumni in recognition of career achievements and contributions to the university. We con-gratulate Gayl Doster, Richard Hatcher, Young-Jin Kim, and Michael Shumate on this award. Their careers include CEO of a software developer; mayor of Gary, Indiana; CEO of a pharmaceuti-cal company; and partner in a law firm. The variety in these positions attests to the strong foundation that a degree in accounting can provide students for their professional careers.

This year’s newsletter highlights the international impact of the department’s programs and faculty. I hope you enjoy the newsletter and contact me with any updates or suggestions (lmaines@indiana.edu).

Till the next newsletter,Laureen A. MainesChair

Dear Friends and Alumni:As you can surmise from this newsletter, I have stepped down

as department chair and Professor Laureen Maines will now take the helm. I feel the timing is perfect for a change, and Laureen will bring new ideas and energy to the table. The department has made strong progress on several fronts, but considerable work remains as we implement strategic initiatives and react to the changing envi-ronment. Given the current challenging environment, Laureen will be in need of strong contributions from accounting department

alumni and friends.In the fall, I will be on sabbatical and visiting

the Melbourne Business School. I look forward to interacting with the Aussie academics and being exposed to new perspectives. I also look forward to exchanging some of the Bloomington winter with the Melbourne summer.

Thanks and best regards, Joe Fisher

New Faculty ..................................2

Faculty Spotlight .........................3

International Teaching ...............4

Yohn Appointed to Panel ..........7

IFRS Boot Camp..........................7

Forensic Accounting ...................8

PwC Selects Student .................9

Undergraduate Spotlight ........10

Project Make [it] Count .........11

New Doctoral Fellowship.........12

In This Issue Fall 2010 Number 17

Laureen A. Maines

2

Michael Crawley

The Department of Accounting Welcomes Two New Faculty Members

Michael Crawley

has joined the Kelley School of Business as an Assistant Professor of Accounting. Crawley grew up in Green-wood, Indiana, and graduated from Indiana University with an MBA in Accounting

from the Kelley School in 2002. Upon graduat-ing from IU, Crawley worked for three years with Deloitte and Touche, LLP in Indianapolis as a senior auditor where he met his wife Dana.

A Certified Public Accountant, Crawley com-pleted his Ph.D. in Accounting at the University of Texas at Austin. “I’m excited to come home to Indiana and join such an intelligent, diverse, and highly regarded faculty,” says Crawley. “My research focuses on the economic consequences of manag-ers’ financial reporting and disclosure choices. For example, my dissertation shows that aggregated accounting measurements may alter the informa-tion content of key macroeconomic indicators and shape the Federal Reserve’s interest rate decisions.”

Crawley will be teaching financial accounting at IU. “I try to bring in lessons from practice and academic research into the classroom as much as possible,” says Crawley. “Students will certainly learn how to account for various transactions. However, it’s important that students also focus on larger concepts such as understanding how accounting ultimately affects economic growth by providing new information to investors and by helping firms to make better decisions.”

In his free time, Mike enjoys cycling and triathlons.

Andrea Romi

has joined the Kelley School of Business as a Visiting Assistant Professor of Account-ing. Romi earned her master’s degree at the Univer-sity of Mis-

souri and comes to IU with 12 years of university teaching experience. She recently graduated with a Ph.D. in Accounting from the Sam M. Walton College of Business at the University of Arkansas. Romi’s research involves capital markets-based financial accounting and auditing in an environ-mental disclosure or sustainability setting.

Romi assisted in developing the Applied Sustainability Center at the University of Arkansas, which assists businesses in developing and implementing sustainability practices. She also serves as the Co-Chair of the Assurance Committee for the Sustainability Consortium, a joint effort between the University of Arkansas and Arizona State University, focusing on the development of sound product level sustainabil-ity measurements.

“I am so excited to be at IU,” says Romi. “The faculty is amazing and the Bloomington community is a fantastic place to enjoy time with family.”

Romi and Scott have four children: Darce, 11; Brogan, 9; Elly, 8; and Seda, 2. Romi is originally from Kansas City, Missouri. In her free time, Romi enjoys participating in outdoor activities with her family—especially running, camping, fishing, hiking, and biking.

Andrea Romi

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Faculty Spotlight: Jim Wahlen Steps Back Into Professor Role After Serving as MBA Chair

1. University of Texas–Austin (McCombs) Austin, TX2. University of Pennsylvania (Wharton) Philadelphia, PA3. University of Chicago (Booth) Chicago, IL4. University of Illinois–Urbana-Champaign Champaign, IL5. University of Michigan–Ann Arbor (Ross) Ann Arbor, MI6. University of Southern California (Marshall) Los Angeles, CA7. Stanford University Stanford, CA8. New York University (Stern) New York, NY9. Brigham Young University (Marriott) Provo, UT10. Indiana University–Bloomington (Kelley) Bloomington, IN

*Source: U.S. News and World Reports

2010 Colleges Specialty Rankings: AccountingGraduate Business Programs

When Professor Jim Wahlen became Kelley’s MBA Chair in 2006, he was eager to take

on a leadership role in which he could share ideas that would ultimately improve the MBA program. Indeed, during his three-year term, which spanned 2006 to 2009, the program improved signifi-cantly in several ways. For example, enrollment increased by 20 percent. The average GMAT score of students improved as well. Plus, the program saw a rise in diversity. As a result of these improve-ments, the BusinessWeek ranking for Kelley’s MBA program moved up three slots from 18th to 15th. In addition, the MBA program maintained a number one ranking from the Princeton Review in terms of superb student classroom experience.

“I’m proud of what the program has accom-plished,” says Wahlen. “I’m also proud to have helped initiate and launch GLOBASE [an inter-national program within the MBA program that provides a unique social enterprise experience for students].”

GLOBASE, which stands for Global Business and Social Enterprise, is designed to provide 25 MBA students with the opportunity to provide pro bono consulting for small businesses in a developing, emerging economy. Students must apply to the program and if accepted, they take a two-month course (offered in January and Febru-ary each year) in which they study business, eco-nomics, history, and religion in their destination country. The students also study specific small businesses in that destination and research the problems the country is facing. Then in March the students travel to the country in which they have been studying and work for two weeks with their client.

The goals of the GLOBASE programs include the following:•• To gain international business experience by

applying skills learned at IU to real-world busi-ness consulting cases

•• To make a difference in the lives of those in need by helping to improve the profitability and competitiveness of small businesses

•• To experience a new culture through personal inter-actions, local cuisine, and historical landmarks

“It’s very much a consult-ing job,” explains Wahlen. “The students study their client for a number of weeks prior to travel. Then when they arrive in the country, they work directly with the client to solve their specific business problems.”

This year students traveled to Lima, Peru, to work with alpaca wool sweater producers. Students offered insight into how the client could enter the U.S. market and export and sell their clothing to the U.S.

Because companies have found the program so beneficial, next year Kelley plans to expand the scope and run GLOBASE programs out of Peru, India, and Ghana, West Africa.

Now that Wahlen has stepped back into the role of professor, he is eager to return to teaching, researching, and textbook writing. He will also continue to do a good deal of international teaching (for more, see story on page 4). And in his spare time, Wahlen will travel to Canada, where he and his wife Debbie are constructing a cottage on an island two hours north of Toronto.

Always a forward-thinking planner, Wahlen says, “We are build-ing a place big enough to hold our family and future grandchildren.” —BY CHRISTY HEITGER-EWING

4

Each year several members of the IU accounting depart-ment participate in international endeavors, includ-

ing teaching, speaking, and conference engagements. For instance, in the summers, Professor Joe Fisher teaches a week-long MBA managerial accounting class in Nice, France.

“The students tend to be older than typical MBA students at IU,” says Fisher. “As a result, they are able to talk about the application of what I’m teaching as it relates to their companies.”

Also, because these international students have some real-world experience under their belts, Fisher says Interna-tional Financial Reporting Standards (IFRS) becomes much more applicable to their lives. “We’re able to discuss differ-ent types of cultural issues that we don’t get into with an IU audience,” says Fisher.

Fisher has also done a fair amount of teaching in Singa-pore and just returned to China in the summer of 2010 to teach another class. During his sabbatical this fall, Fisher is looking forward to teaching in Melbourne, Australia.

IsraelOne unique opportunity afforded to MBA students are

the Kelley International Perspectives (KIP) courses, which enable MBA students to learn about business culture of a particular country or geographic region. Interested MBA students form teams of 15 or 20 and then seek out an IU faculty member who is willing to organize and sponsor a course in a particular area of the country. If the faculty member agrees, then students participate in a seven-week, Bloomington-based course in January and February before traveling to that country with the professor over an extended two-week spring break in March. In the spring of 2010, Pro-fessor Daniel Beneish sponsored a KIP trip to Israel.

“The goal of the KIP Israel expedition was to afford students with an appreciation and understanding of the distinctive features of Israel’s business environment and to gain an understanding of Israeli culture,” says Beneish.

The Bloomington-based component included case studies of Israeli firms, a report on an economically signifi-cant Israeli industry, speakers who discussed business, eco-nomic, political, and cultural issues and provided language instruction, as well as a presentation by the CEO of the U.S.

subsidiary of an Israeli firm and by a Chicago-based Israeli Consul.

“Because Israel has no sub-stantial natural resources, the key issue we identified was to under-stand the role of adaptation in the Israeli economy,” says Beneish. “We learned during our visit that the government’s willingness to invest in R&D, combined with a

highly educated workforce, has led thriving innovation in several fields. In particular, Israel has shown how investing in research has enabled it to make significant advances in such areas as solar energy, irrigation, desalinization, security, and tourism.”

During their stay in-country, the class visited many firms, including A Better Place (electric cars and Infrastruc-ture), Intel, Iscar (precision metallurgy, now a subsidiary of Berkshire Hathaway), Netafim (irrigation), Solel (solar energy, now a subsidiary of Siemens), and Teva Pharma-ceuticals, among others. The class also met with several fascinating individuals such as Mark Regev (the speaker for the Office of the Prime Minister) and Said Abulafia (an Israeli-Arab businessman who plays defensive tackle in an inter-religious football team). In addition, students visited the Tel Aviv Stock Exchange and soaked in Israel’s rich religious history by visiting several sacred sites in Jerusalem and Galilee. Not only did they see the Bahai Gardens, the Dead Sea, and Sunrise at Masada, but they also took in a professional basketball game, visited a winery, had lunch in a Bedouin tent, and ate dinner at a restaurant with no lights where they were served by blind waiters. “The trip was a unique and enriching experience,” says Beneish.

The class made the “IU” sign for this picture, taken on the upper level of the Bahai Gardens.

IU Faculty Participates in International Teaching Endeavors

Wahlen and his class in front of the Sphynx and the Great Pyramids at Giza in Egypt. Two of the students are holding a book Wahlen assigned the class to read for the course—The Alchemist, by Paulo Coelho.

Egypt and the UAEProfessor Jim Wahlen, who stepped down last year as

Chair of the MBA program, was approached in the fall of 2009 by a group of students to ask if he would be willing to sponsor a KIP course in the Middle East. Wahlen agreed, so students spent January and February 2010 attending the course to learn all about Middle Eastern culture and business practices. Then in March 2010 Wahlen traveled with the students to Egypt and the United Arab Emirates (UAE)— specifically, Dubai. They spent a week in Egypt fol-lowed by a week in Dubai where they met with companies and embassies and took lots of cultural tours.

“It was a very hectic schedule, but we learned a ton,” says Wahlen. “We went to Egypt for a week where we saw the Great Pyramids at Giza, the Sphynx, the Temple of Luxor, and King Tut. Then we headed to Dubai, which is arguably the most progressive city on Earth with its modern architec-ture, skyscrapers, and progressive development. It was fasci-nating being able to juxtapose the ancient and the modern.”

Wahlen has also been involved in other international teaching experiences. For instance, he travels to Europe once or twice a year to deliver a week-long condensed version of his Financial Statement Analysis and Valuation course at the Amsterdam Institute of Finance (AIF). It is a course he had also been asked by INSEAD to teach in France in the summers.

GermanyIn July 2009, Associate Professor Leslie Hodder

and Associate Professor Pat Hopkins participated in the “Empirische und quantitative Methoden in der Wirtschafts-forschung” (Empirical and Quantitative Methods in Economics) doctoral seminar at HHL–Leipzig Graduate School of Management (HHL). Founded in 1898 as the first German Graduate School of Management, HHL is cur-rently one of the only private universities in Germany and also one of the only German universities accredited by

continued on page 6

5

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Intern’l Teaching continued from page 5 the Association to Advance Collegiate Schools of Business (AACSB).

During their two-day seminar, Hodder and Hopkins taught the fundamentals of research design in archival and experimental accounting research to more than 60 doctoral students from research univer-sities around Germany.

“Leslie and I provided the students with an introduction to rigorously designed and executed empirical research,” says Hopkins. “The students were well-prepared and engaged, and they seemed to enjoy the highly interactive and animated teaching style that U.S. students take for granted.”

On the day after the seminar, Dr. Henning Zülch, the chair of the accounting and auditing programs at HHL, arranged for the accounting doctoral students to provide a series of research presentations for Hodder and Hopkins. These presentations focused on the economic and institutional features of financial institu-tions in Germany and the European Union.

The faculty at HHL expressed an interest in hosting students from the Kelley School of Business, as well as having Kelley host HHL students.

—BY CHRISTY HEITGER-EWING

Pat Hopkins and Leslie Hodder (left) along with other seminar participants attend an international teaching seminar in Leipzig.

Other International Endeavors by Kelley Professors in 2009–2010

Associate Professor Teri Lombardi Yohn attended a conference sponsored by the

Institute of Chartered Accountants of England and Wales entitled “Information for Better Markets.” The conference focused on regulation of financial reporting.

In the spring of 2010, Yohn presented a paper in Istanbul, Turkey, at the European Accounting Association (EAA) annual meetings. The paper, entitled “The Effect of IFRS Adoption on Cross-Border Investment in Equity and Debt Markets,” was co-authored with Professor Daniel Beneish and Assistant Professor Brian Miller. The paper examined whether widespread adoption of International Financial Reporting Standards (IFRS) leads to increased foreign investment into the adopting countries.

Professor Geoff Sprinkle served as a faculty chaperone on an emerging markets trip to Croatia.

Faculty Teaching AwardsLecturer Kathrine Glass earned Alpha Kappa Psi’s Most Personable award. This award is given to a teacher who has been amiable and approachable.

Professor Jamie Pratt won the Trustee Teaching award.

Professor Geoff Sprinkle won the Alpha Kappa Psi’s Teacher’s Excellence award.

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In February 2010, the American Institute of Certified Public

Accountants (AICPA), the Financial Accounting Foundation (FAF), and the National Association of State Boards of Accountancy (NASBA) announced the 18 members of the new “Blue Ribbon Panel” established to address how U.S. accounting standards can best meet the needs of users of private company financial statements. IU Associate Professor Teri Lombardi Yohn, appointed as the sole academic on the committee,

says that the goal of the panel is to determine whether private com-panies should apply US GAAP or whether there should be another set of standards and/or another standard setting process for private companies.

“I will evaluate the methodological validity and interpretation of results of various surveys that are presented as important inputs to the decision-making process,” says Yohn.

Members of the panel represent a cross-section of private company financial reporting constituencies, including lenders, inves-tors, and owners as well as preparers and auditors. After its com-prehensive review of issues affecting the current system of standard setting for private companies in the U.S., the panel will issue a report containing its recommendations to the FAF Board of Trustees next year. The members will be joined by several participating observers, including representatives of the U.S. Federal Financial Institution Regulatory Agencies Group and the U.S. Small Business Administra-tion. The Blue Ribbon committee will be chaired by Rick Anderson, chairman of Moss Adams, LLP, who is also a current member of the FAF Board of Trustees and the AICPA.

“Our panel members represent a broad range of constituencies who share a keen interest in private company financial reporting,” says Anderson. “The members all possess experience and expertise in this area, and their participation will undoubtedly result in produc-tive, insightful recommendations to the FAF Board of Trustees regarding this important issue.”

Yohn says she thinks that the recommendations of the Blue Ribbon Panel will be of great interest to any alumnus who is affiliated with a private company, a CPA firm, or a user of private company financial statements.

“If the recommendation is ultimately to allow different account-ing standards for private companies, it will have ramifications for a large group of firms given the importance of private companies in the U.S. economy,” says Yohn. —BY CHRISTY HEITGER-EWING

In March 2010, Clinical Professor Terry Campbell, an accounting expert with 23 years

of international accounting experience, created and taught a special weeklong boot camp course for graduate accounting students on the International Financial Reporting Standards (IFRS). The 55 students began their studies with a video conference call with Sir David Tweedie, chairman of the International Accounting Standards Board (IASB).

The transition from the United States’ Generally Accepted Accounting Principles (US GAAP) to the IFRS system is presenting major challenges for the United States. Not only must firms change how they collect and report financial information, but educational institutions will also have to change how they teach students in the accounting field. This transition will also present a major shift in thinking for accountants, who will have to go from the rules-based US GAAP to the principles-based IFRS.

Sir David shared the IASB’s plans to create a single set of high-quality global standards for the accounting profession. He emphasized that going from 17,500 pages of US GAAP to only 2,500 pages of IFRS would greatly simplify things for accountants. He also argued that accountants who know IFRS will be able to work anywhere in the world, making accounting the first truly global profession.

Sir David argued that if the United States fails to adopt the IFRS, the cost of capital will rise. However, he cautioned that despite recent high-profile cases of securities fraud, no single accounting system can prevent fraud. Stopping financial fraud requires both auditability and enforcement.

Students listened intently to the discussion and asked insightful questions. One student pointed out that US GAAP was at one time also a principles-based system, but as people found loopholes, it was necessary to create specific rules to close the holes.

IU Associate Professor Teri Lombardi Yohn Appointed to the Blue Ribbon Panel of

Private Company Financial Reporting

IFRS Boot Camp

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Forensic Accounting Students Head to French Lick Casino to Learn About Fraud Detection

When Indiana University Senior Lecturer Sandi Owen was in Vegas last winter break with her family, she attended a gaming

training seminar. After the seminar, Owen chatted with the instruc-tor, who was a former dealer and pit boss at one of the Vegas casinos. As they spoke, it dawned on Owen how the casino industry would be a fascinating one to study in relation to her A572 course, a Graduate Accounting Program (GAP) class on fraud investigation and litiga-tion support based on accounting information.

Upon returning to Bloomington, Owen e-mailed GAP faculty for leads, then based on their professional contacts, she was referred to Brian Marsh, the VP of Casino Operations at Indiana’s French Lick Casino. She then contacted Marsh to ask if he would be willing to host 50 Kelley students and teach them about fraud prevention and detec-tion as it relates to the casino business. Marsh agreed and proceeded to set up tours and demonstrations with his top management team, including Stacy Cooper, Casino Finance Manager; Dale Nachriener, Table Games Manager; Patrick Duggan, Slot Machines Manager; and John Sullivan, Director of Surveillance. In short, when the A572 stu-dents visited French Lick in the spring of 2010, they hit the jackpot.

Adam Fox (left) talks to Dale Nachriener, the Table Games Manager at the French Lick Casino. The student in the background is Jose Calunga and the woman is Jose’s wife.

“The presentation was awesome, and very well-tailored to the students and the course,” says Owen.

The day began with Marsh providing an over-view of the industry and casino operations. Then each of the key managers shared information related to their area—Financial, Table Games, Slots, etc. The French Lick staff discussed internal controls as well as fraud and theft detection and prevention, which was demonstrated by Sullivan showing the class actual surveillance footage of people who had been caught cheating; he then explained how casino staff are able to identify theft. The casino’s management team followed up the presentation with smaller group tours of the casino, showing the class the various controls they had discussed.

“The field trip gave us [the students] the expe-rience of knowing how forensic accounting applies to the real world,” says Jui-Lin Hsu.

Haroon Anwar, another student in the class, says the highlight of the trip was seeing the video footage of cheating patrons and employees.

“[These people] were caught [because of] the chain of casino personnel [who were watching them],” says Anwar. “This chain played an integral role in trying to prevent and detect fraud and theft.”

Adds student Benjamin Arthur, “The field trip was one of the most useful hands-on experi-ences I have gained during my tenure at the Kelley School of Business. As future forensic accountants and/or auditors, we all learned the valuable lesson that in order to detect fraud, one must pay very close attention to detail and always be skeptical of what we are seeing.”

Student Ashley Butler says that at first she was uncertain about how a casino would relate to forensic accounting but by the end of the field trip, her eyes were opened to the vast amount of controls inherent in the operations of any large corporation with a high potential for fraudulent activities. Student Gene Feichtner says that the trip enabled him to gain valuable insights about fraud.

“The casino manager is similar to the auditor of financial statements in the sense that they are making sure everything is done correctly,” notes Feichtner.

Based on the overwhelming positive feedback she received from her students, Owen says she plans to continue and even expand the project for future classes. It’s a plan that students and French Lick Casino’s management fully support.

Says student Ho Chung Au, “This was defi-nitely the coolest field trip ever during my years at college!” —BY CHRISTY HEITGER-EWING

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Designed to increase PricewaterhouseCoopers (PwC’s) global connectivity and awareness of the Firm’s inter-

national presence, in the spring of 2010 PwC announced the launch of the Summer 2010 International Internship Program. The internship promotes the importance the Firm places on attracting and developing professionals with global viewpoints and experiences. It also serves to bring global mobility opportunities to their interns. In partner-ship with PwC’s UK (London), Germany (Frankfurt), Italy (Milan), and Malta (Valletta) offices, the U.S. Firm sent ten assurance interns abroad for three weeks during the course of the internship.

Patrick Church, PwC’s Indianapolis Assurance Manager, recommended Indiana University senior Adrian Kellams, a 2010 summer intern at PwC’s Indianapolis Assurance prac-tice. Church says he felt that Kellams was an ideal candidate for the International Internship Program because “he has a unique interest in international business and is motivated by the opportunity to develop an increased understanding of the global business community and its cultural and professional impact both personally and for the Firm.”

Kellams jumped at the chance to apply for the interna-tional internship because he felt that it presented a great opportunity to connect with PwC at a global level.

“In 2009, I spent the majority of my summer working for a smaller investment firm in London, and I was eager to

find another opportunity which would expose me to international business,” says Kellams. “[I knew the internship would offer] a different view of the accounting profession while continuing to build my awareness of globaliza-tion.”

Kellams, an Accounting, Finance, and Operations Man-agement major, was chosen for the international internship and spent July 5–23 in PwC’s Frankfurt, Germany, office. He credits his time at IU in helping prepare him for interning abroad.

“My experiences at IU and with the Kelley School of Business have not only provided an abundance of oppor-tunities, but they have also taught me the importance of global awareness and diversity in business,” says Kellams. “[While in Germany], it was great to learn some of the dif-ferences not only in accounting but also with employee and client interaction.”

In future years, Kellams says he envisions being involved with the Firm at an international level.

“PwC has already provided me with great opportunities and exceptional mentoring,” says Kellams. “I look forward to what the future holds.” —BY CHRISTY HEITGER-EWING

In the summer of 2009, Michael Iwanski, IU alumnus and current Senior Associate at PricewaterhouseCoopers (PwC), was awarded the Firm’s highest honor: the Chairman’s award. It is an award which recognizes significant contributions made by teams and individuals who, through their actions, demonstrate

what it means to deliver the PwC experience to clients. Iwanski received this recognition based on his outstanding leadership capacity as demonstrated in June 2008 when he joined the engagement team serving Mead Johnson, a major division of pharmaceutical company Bristol Myers Squibb.

PwC was assisting Mead Johnson in their IPO, which was largely analyzed and covered by the media at its completion in February 2009.

Initially, Iwanski’s role was supportive in nature as he assisted the client through the S-1 filing process. When the team’s manager had to leave the project, however, and the client insisted on maintaining a small PwC team, Iwanski stepped up to become a highly trusted client advisor. Iwanski supported the client with the development of a pro-forma model and interacted with key Mead Johnson contacts in their development of highly complex materials. Iwanski’s ability to play a key role in this and other aspects of the filing process earned the trust of the client, to the point where he was called on to participate in key meetings with Mead Johnson’s CFO and other leaders.

“For a senior associate to be involved with a $3 billion multi-national company at this level and with the skills and dedication Mike delivered is truly extraordinary,” says Shurjo Sen, Director in PwC’s Transaction Services practice in New York.

PwC Selects IU Student for Summer International Internship Program

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When Laura Keyton first arrived on Bloomington’s

campus, she was eager to dive into any and all opportunities the university had to offer. So in the spring of her freshman year when she learned about a ten-day sum-mer trip to Delhi and Chennai, India, she immediately applied.

While in India, Keyton was impressed by the mosques and temples and the Taj Mahal. But more than anything, she was mesmerized by witnessing how a third-world country was emerging into a western economy. Keyton studied the microfinance initiative in southern India by shadowing Indian women who were making saris and selling them to pay back their small business loans. “Throughout my college career I’ve been able to draw on what I saw in India,” says Keyton, who is now a senior and Vice President of Finance in the Kappa Alpha Theta sorority. “The trip gave me a broader perspective on how economics can differ.”

In the summer of 2010, Keyton interned for eight weeks at KPMG in Chicago in the transactions services department. After graduation in the spring of 2011, Keyton plans to pursue MBA and CPA degrees before embarking on a career in public accounting. It is a career choice that was solidified two summers ago when she held a bookkeeping job and saw firsthand how small businesses run.

Although Keyton will be sad to leave IU’s campus, she doubts her parents—both Purdue grads—will be too heartbroken.

“It’s pained them to write checks out to IU all these years,” jokes Keyton. “But they could see from the first time I visited the Bloom-ington campus that the university had the right resources for me. I could tell by talking to advisors, faculty members, and other students that the people here would be invested in seeing me succeed, and that has definitely been the case.”

When Keyton is not crunching numbers, she enjoys reading, running, and racing to her parent’s north central Indiana cottage on Lake Tippecanoe.

“I’m a huge water bug!” says Keyton. “I like to spend my days waterskiing and wakeboarding.” —BY CHRISTY HEITGER-EWING

Undergraduate Spotlight: Laura KeytonACCOUNTING/FINANCE MAJOR KNEW EARLY

ON THAT ACCOUNTING WAS HER CALLING

Student Organization Initiatives:

Beta Alpha Psi and Accounting for the Future Case Competition

AFF (Accounting for the Future) started in 2001 and evolved into a semester-long case

competition event for South Central Indiana high school students in which students were coached by Beta Alpha Psi (BAP) members. After several weeks of coaching sessions to prepare a case, each team would participate in a final competition round at the Kelley School of Business. In the spring of 2009, the BAP board decided to transform the case competition. The new AFF event took place in Indianapolis in the fall of 2009 where BAP focused on two high schools: Warren Central and Hamilton Southeastern. These schools had “finance academies,” which consist of students who are interested in pursuing accounting or finance majors in college and have already taken introductory courses in these subjects. When directors of the finance academies, Dave Stephens and Eric Rosenbaum, told their classes about a chance to participate in the case competition, over 100 students expressed interest.

If you are interested in being a part of AFF 2010 case competition, please contact the BAP Executive Vice-President of Community Service, Andrew Barnett, at andrbarn@umail.iu.edu.

Students from Hamilton Southeastern in Indianapolis: Abram Pentecost, Brett Benigni, Garrett Tash, and Lina Goens

Laura Keyton

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Beta Alpha Psi (BAP), Women in Business, Students in Free Enterprise, Student Accounting Society, and

National Association of Black Accountants teamed up with PricewaterhouseCoopers (PwC) to join Project Make [it] Count, a competition that develops a sustainable and rewarding community service initiative that positively influences the university and surrounding community.

“PwC’s involvement with community improvement initiatives is part of the firm’s continued emphasis on corporate responsibility and providing lasting value to our communities,” says Ben Hoban, a senior associate in the transaction services practice, who was a part of the IU leadership team for Project

Make [it] Count. IU was 1 of 19 universities competing to receive a maximum

of $5,000 in seed money to implement its community service initiative. In the spring of 2010, BAP, the supporting student organizations, and PwC collaborated to participate in a Boys and Girls Club Olympics. The events included ping-pong tournaments, a relay race, cup stacking contests, and a dodge ball game.

“The Kelley students brought a selfless caring and energy to an event that built confidence in the lives of our fragile youth members,” says Jeff Baldwin, Executive Director of Boys and Girls Clubs of Bloomington.

The Financial Account-ing Standards Board’s

(FASB) post-graduate technical assistant (PTA) program is a one-year rotation designed to allow graduates with a Master’s degree in accounting a unique opportunity to work at the source of the profes-sion. To meet the increas-ing demands for relevant standards, the FASB staff

is working on International Financial Reporting Standards (IFRS) convergence projects as well as continually improving and modifying current standards.

PTAs assist project managers in developing the ulti-mate authoritative literature for financial reporting. Each PTA is assigned a project for which they work exclusively throughout their rotation. PTAs also help with technical inquiries. Industry participants submit inquiries regarding the application of certain standards and we are asked to develop responses to participants’ concerns.

Working as a PTA would not be possible without the dedicated staff of the Graduate Accounting Programs. The Master’s in accounting program allowed me to tailor my curriculum to include highly relevant courses on financial

statement analysis and accounting quality. —SCOTT RAICHILSON, MSA CLASS OF 2010

During my first year in the 3/2 MBA in Accounting pro-gram at Kelley, a professor nominated me for the FASB

PTA program. Now I am eagerly anticipating working in a challenging environ-ment with the brightest accountants in the coun-try. During my year-long rotation, I will be assigned to two or three standard setting projects, where I will be involved in every step of the due diligence process—from reviewing research to preparing technical memo-randums for the Board to evaluating accounting proposals.

The position will be demanding, but I am confident the 3/2 MBA program has successfully prepared me to excel. The past two years has contained rigorous coursework and international experience, which has enhanced my thinking process and shaped me into a polished individual ready to positively impact the business world.

—SHANNON MARIE ECKERLE, 3/2 MBA CLASS OF 2010

Project Make [it] Count: The Boys and Girls Club 1st Annual Olympic Challenge

IU Students Explain

Post-Graduate Technical Assistant Program

Jim and Joyce Grandorf of Bloomington, Indiana, have provided a gift of $250,000 to endow the Jim and Joyce

Grandorf fellowship for outstanding doctoral candidates in Accounting. As part of the Indiana University, Bloomington Matching the Promise campaign, the endowment’s income will be matched to double the amount of funds available to be awarded.

Jim received his BS in Accounting in 1963 and his MBA in 1964, and Joyce received her BS in Elementary Education in 1964. After graduation, Jim joined Exxon Corporation, where he held a number of positions prior to retirement, including Controller and Treasurer and Manager of the Financial Division of Exxon Research & Engineering Company. Jim has served on the faculty at Kelley School as a Clinical Professor of Accounting since his retirement from Exxon in 1997.

Jim and Joyce stated in their announcement, “This Fellowship will assist the Accounting Department to continue to attract outstanding doctoral students and further strengthen the overall quality of the already outstanding Doctoral Program. It also enhances the quality and effectiveness of the research efforts of current IU Accounting faculty and makes for a stronger Accounting Department overall.”

Fellowship Created for Doctoral Candidates

Department of AccountingIndiana University Kelley School of Business1309 East Tenth StreetBloomington, Indiana 47405

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