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International Institute of Certified Public Accountants

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"Will Blockchain Render Accountants Irrelevant?" by James Ovenden, CFO innovative enterprise ca. mid-2017 reproduced: Article PDF

Vollgeld-Initiative — Offener Brief an den Verwaltungsrat der Schweiz. Bankiervereinigung vom 6. Oktober 2017 — PDF

Vollgeld-Initiative — Offener Brief an den Schweizer Ständerat, Kommission für Wirtschaft und Abgaben vom 4. August 2017 — PDF

Vollgeld-Initiative —: UBS re 100 percent liquidity and ring-fencing: Letter to Sergio Ermotti dated 16 July 2017 — PDF

"Violation of IFRS in money creation." Re: Bank of England and German Bundesbank articles. Open letter PDF to FASB, IASB, IFAC - Membership Organizations 12 June 2017.

Why are professional accountants in high demand?
  • The Future of Higher Business Education — AASBI staff article PDF 08 April 2016
  • Succession challenges for U.S. CPA firms to tackle — AICPA 01 Nov. 2014

  • Why CPAs Are in Demand: Becker Professional Education
    - Intense focus on corporate accountability as a result of widespread fraud and wrongdoing continues to fuel demand for CPAs.
    - Global Economy and a Move Toward International Reporting Standards.
    - New business models, more complex information, and evolving technology mean CPAs with solid IT skills are needed to design, integrate, and implement advanced software systems.
    - According to the AICPA, 75 percent of today's CPAs-by and large the baby boomers-will be retiring within the next 15 years.

  • Proposed €9.5 trillion ECB-Souvereign Debt Swap — Open letter to the ECB, Eurogroup, IMF — Open letter dated 17 July 2015
      See also: Joseph E. Stiglitz (Dec. 2013): "An agenda to save the euro," Social Europe - Full article online
      "By now, there is a fairly clear understanding of what is required:
    • A real banking union, with common supervision, common deposit insurance, and common resolution; without this, money will continue to flow from the weakest countries to the strongest.
    • Some form of debt mutualization, such as Eurobonds: with Europe’s debt/GDP ratio lower than that of the US, the eurozone could borrow at negative real interest rates, as the US does. The lower interest rates would free money to stimulate the economy, breaking the crisis-hit countries’ vicious circle whereby austerity increases the debt burden, making debt less sustainable, by shrinking GDP.
    • Industrial policies to enable the laggard countries to catch up; this implies revising current strictures, which bar such policies as unacceptable interventions in free markets.
    • A central bank that focuses not only on inflation, but also on growth, employment, and financial stability.
    • Replacing anti-growth austerity policies with pro-growth policies focusing on investments in people, technology, and infrastructure."

    • Quantitative Easing With Chinese Characteristics Takes Shape. "Rather than bankroll projects directly, the People's Bank of China is pumping funds into state lenders known as policy banks to finance government-backed programs. Instead of buying shares to prop up a faltering stock market, it's aiding a government fund that's seeking to stabilize prices." Bloomberg, 9 Aug 2015

    • See also: Armin Steinbach (Feb 2015), "The Mutualisation of Sovereign Debt." Full article online (PDF) Subtitle: "Comparing the American Past and the European Present." Max Planck Institute for Research on Collective Goods, Bonn 2015/2.
  • Declaration of the German MONETATIVE, a registered monetary reform society, on the crisis in Greece Erklärung des Vereins MONETATIVE zur Griechenlandkrise - Berlin 14. Juli 2015 (in German).
         Subtitle "5 trillion euros for sovereign debt redemption through European 100%-money reform"

  • Joseph Stiglitz: how I would vote in the Greek referendung - The Guardian 29 June 2015 - offline

  • Victory for Draghi as court backs ECB's bond-buying plan - 16 June 2015 - Financial Times | The Wall Street Journal | and offline
  • Open letter 6 March 2015 to Yanis Varoufakis and the Euro Area Ministers of Finance, ECB, Eurogroup, IMF Chicago Plan modeled, tested and validated by IMF researchers | IMF Working Paper online | offline | Wikipedia
    — New publication (2015): Irving Fisher - On Money Banking and National Debt RedemptionDownloand PDF read only
  • Open letter to Greek and Euro Area Ministers of Finance, ECB, etc. 21 Feb 2015 re Greece’s Debt / GDP a misconceived measure. A Plan for National Debt Redemption

  • Re Greek Bailout, European Monetary Reform, National Debt Redemptions 13 Feb 2015 - Open letter to the ECB's Governing Council and the Ministers of Finance of the Eurozone, EFSF European Financial Stability Facilty, and to the IMF.
  • Eurozone Banking Reform 2015 - With the Added Benefit of Paying Off the Governments Debts. By Michael Schemmann, updated February 2015

  • Antworten zur Schweizer Vollgeldinitiative. Article by Alexander Trentin, Finanz und Wirtschaft, 03 Nov 2015

  • Can banks individually create money out of nothing? — The theories and the empirical evidence," PDF by Richard A. Werner, December 2014. — Critique by Michael Schemmann PDF.

  • Historic Two-Hour Debate on Money Creation in the UK House of Commons 20 November 2014
    - Highlights on YouTube
    - Steven Baker, Conservative MP YouTube
    - The late Michael Meacher, Labour MP YouTube
    • Comments by positivemoney.org: — On Thursday 20th November 2014 over 30 MPs took part in a debate in the House of Commons on money creation and society. This was the first time in 170 years, since the Bank Charter Act in 1844, that the topic has been fully debated.

      Money creation affects almost every aspect of our lives, and is directly connected to almost all public policy, including public and private debt levels, house prices, and rising inequality, but it’s very poorly understood. A recent poll found that 7 out of 10 MPs believed that only the government can create money, when in fact 97% of money is created by banks as they make loans, as recently confirmed by the Bank of England.

      Michael Meacher MP:

      "The banks have too much power and they have greatly abused it. First, they have been granted enormous privileges since they can create wealth simply by writing an accounting entry on a register. They decide who uses that wealth and for what purpose and they have used their power of credit creation hugely to favour property and consumption lending over business investment because the returns are higher and more secure. Thus the banks maximise their own interests but not the national interest. Secondly, if they fail to meet their liabilities, the banks are not penalised. Someone else pays up for them."
  • The Accounting Delusion: Faith and Trust in IFRS Reporting. Article by Janek Ratnatunga and Ana Sopanah, Iniversita Mataram Lecture Series, 24-27 Sept 2014
  • Why Accounting And Finance Pros Are So Difficult To Hire — Article by Forbes 2013-05-30
  • Open letter to the European federations of trade unions - 22 October 2013
  • Open letter to the Euro Area's Ministers of Finance, President of the ECB and Governors of the Euro Area Central Banks dated 20 October 2013 proposing sterile (inflation-neutral) sovereign debt and loan buybacks through ECB financing of €2.8 trillion held by euro area MFIs (commercial banks), decreasing sovreign debt-to-GDP ratios as required by bailouts, in order to abandon misconceived austerity programmes in Ireland, Greece, Cyprus, Portugal and Spain, resulting in increased liquidity of € 2.8 trillion for euro area MFIs.

  • Open letter to the FASB, IASB and IFAC Members: Accounting Perversion in Bank Financial Statements - So called "lending" and "deposit creation" by resorting to double-entry bookkeeping violates professional accounting framework and standards - 1st May 2013.
    - Deutsche Übersetzung des offenen Briefes an FASB und IASB
    - Notice to the member accounting bodies of IFAC 2nd May 2013

  • Is Germany's bank-ring-fencing bill effective? Prof Joseph Huber: "It is too permissive," bringing little or no change. Stellungsnahme vor dem Finanzausschuss des Deutschen Bundestags dated 16.04.2013, presented 22. April 2013
    - Banks and industry protest against the ring-fencing bill. Banken und Wirtschaft protestieren gegen "Trennbankensystem" - Deutscher Bundestag 22.04.2013
    - Entwurf eines Gesetzes zur Abschirmung von Risiken und zur Planung der Sanierung und Abwicklung von Kreditinstituten und Finanzgruppen German text - Deutscher Bundestag Drucksacke 17/12601 04.03.2012
  • Offener Brief an IFO Präsident Hans Werner Sinn "In Sachen VWL v. IFRS — Geld/Zypern/Deutschland" vom 30. April 2013
  • The Euro Area's Cyprus Bail-in of March 2013. Dilettantish and misconceived. Open letter to Wolfgang Schäuble, Finance Minister of Germany dated 31 March 2013.
  • A Possible Solution to Cyprus's Money Debacle of March 2013 — An article sent to the Ministry of Finance in Nicosia, Cyprus on 22nd March 2013, and the Cyprus news media | German translation.
  • Open letter to MIT Prof. Simon Johnson to point to misconceptions in his article A Valuable U.S. Export: Banking Regulation published by Bloomberg.com 18 February 2013
  • Reply 16 November 2012 to HM Treasury's Sajid Javid letter dd. 5 Oct 2012 on the draft banking reform bill and Basel III's capital adequacy misconceptions

    • Chicago Plan Revisted by Jaromir Benes and Michael Kumhof, IMF Working Paper WP/12/202, August 2012 offline
    • From the ABSTRACT: The Chicago Plan envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.

  • Open letters of reply dated 28 July 2012 on issues of "Central bank accounts for everyone," ring-fencing of retail banks inadequate, and Basel III capital adequacy misconceptions
    — to Mark Hoban, Financial Secretary HM Treasury and to Prof. Mervyin King, Governor Bank of England
    — and to Mario Draghi, President ECB and Ministers of Finance for the Euro Area
    — and to Timothy Geithner, US Treasury Secretary
    — and to Mark Carney, Governor Bank of Canada and to James Flaherty, Minister of Finance Canada
  • Open Letter to the Ministers of Finance for the Euro Area dated 14 June 2012
    — The Euro can be saved tomorrow, redeeming sovereign debts in 'one wash,' austerity programs misconceived.
    — See IICPA Publication 2011: "The Euro is Still the Strongest Currency Around. Analyes and Solutions for the Money and Sovereign Debt Crises of the 2010s."    order online
  • Let CA, CMA and CGA give way to CPA Canada | offline Financial Post 25 June 2012
  • "Is the [2-year] MBA obsolete?" - USA: 168,000 MBA grads in 2009. GMAT 35% Asians (2009) — Forbes 30 May 2012
  • Letter to Rt. Hon. George Osborne UK Exchequer dated 3 May 2012 — "I would be an idiot..." re bank capital requirements misconception (PDF)
  • Letter to Jean-Claude Trichet ECB Frankfurt dated 10 AUG 2011 re Euro Area Sovereign Debt Redemption (PDF)
  • Open letter to Manuel Barroso, President of the European Commission with copies to the Governors of the Eurozone's central banks dated 5 August 2011 re Sovereign Debt Redemption (PDF)

  • Correspondence with Mervyn King, Governor of the Bank of England, 26 October/11 Nov 2010, Re: Governor King's Speech at the Buttonwood Gathering October 2010. Booklet entitled "Misconceived Men of Très Haute Banque: Our Central Bankers" (2010)


  • Open Letter to President Obama - Remarks on the Economy 14 DEC 2009 encouring bankers to lend White House press release
  • The Global Financial Crisis: The Result of an Accounting Perversion? by Michael Schemmann 05 October 2009 (PDF)

  • U.S. Banking Reform 2010 - a proposal by Michael Schemmann 26 August 2009 (PDF)
  • Open Letter to President Obama, Fed Chairman Bernanke and Treasury Secretary Geithner re Banking Reform (PDF)
  • Misconceived Men of Très Haute Banque: Our Bankers by Michael Schemmann November 2009, 40 pages available at Amazon.com

    ARCHIVE

  • Irving Fisher: "100% Money & the Public Debt" - Economic Forum article spring 1936 available at Amazon.com
  • Irving Fisher: The Works of Irving Fisher 14 Volumes available from Pickering & Chatto, London including Vol. 11 100% Money
  • Indian Currency and Finance by John Maynard Keynes (1913) London: Macmillan (PDF 263 pages)
  • Essays in Persuasion Economic Possibilities for Our Grandchildren - John Maynard Keynes (1930) (HTML 16 pages)
  • Five Key Accounting Issues to Watch in 2009 IFRS | XBRL | Fair Value| Financial Presidentation Project | FAS 5 Accounting for Contingent Liabilities - Alix Stuart in CFO Magazine 01 January 2009
  • Obama's Unsung Hero:  Global Financial Crisis: A window-opportunity to restructure America's banking system. - Michael Schemmann (November 2008)
  • Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences by Daske, Hall, Leuz, Verdi August 2008

  • Why Banks Keep On Failing On Money, Banking, and the Basel II Capital Accord - Michael Schemmann, Central Asia Business Volume I, No. 1, 2008 | online December 2007

  • 'Absolutely brilliant, superb news' - Lesley Bolton (Accountancy Magazine, 31 December 2007)
  • Global accounting rules take a big step closer - Nicholas Rummell (FINANCIAL WEEK November 2007)
        The main criticism of switching to IFRS here is that it is a half-baked standard, with too many differences from GAAP. Furthermore, international
        auditing standards have yet to be fully developed, and that process has been slower than the development of accounting standards.
  • ICAEW's 1st report card on IFRS: can do better - AccountancyAge (October 2007)
  • IASB chief vows to produce one global standard - AccountancyAge (October 2007)
  • Called to account - Nicolas Véron (FINANCIAL WORLD May 2007)
  • SEC's IFRS Proposal. Be Careful What You Wish For - Jack Ciesielski (SEEKING ALPHA May 2007)
  • IFRS - The Way Forward - CA. Dolphy D'Souza, E&Y (The Chartered Accountant - India, May 2007)
  • Oil major's FD slates firms over IFRS - David Jetuah (AccountancyAge April 2007)
  • Book Corner: Are You a Firm of the Past? - Interview with Ron Baker (SmartPros 2007)
  • How IFRS has destabilised financial reporting for UK non-listed entities - Stella Fearnley, Tony Hines (EMERALD 2007)
  • GAAP Hierachy - Richard Paul, Practice Fellow (FASB September 2006/March 2007)
  • Inconsistencies in Existing US-GAAP - Timothy B. Forsyth, Philip R. Witmer, and Michael T. Dugan (NYSSCPA May 2005)
  • The Future of Accounting - Jack Le Moine, CPA, PC (ACCOUNTING ADVICE September 2004)
  • Future Standards Setting - Mike Ng (NYSSCPA February 2004)
  • Conceptual Frameworks AISB Standards Advisory Council meeting, PowerPoint slides by James J. Leisenring February 2005
  • What is an Asset? by Walter P. Schuetze, Chief Accountant, SEC 12 January 1993 | offline
  • LEGAL ISSUES

  • Supreme Court Weighs Case on Textbooks Imported Into USA from Thailand - NYT 29 Oct 2912
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