Why GAAP is outdated & news from Sage Intacct Advantage

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Show Notes

• 00:12 – Meet our guest, Ethan Rouen, Assistant Professor of Accounting at Harvard Business School
• 01:27 – The gentleman dissect Ethan’s article, “The Problem with Accounting for Employees as Costs Instead of Assets”
• 01:50 – Blake found a lot of similarities to Baruch Lev’s “The End of Accounting” in Ethan’s article | WSJ
• 02:30 – Using GAAP today is like fixing a Tesla with a Model T manual
• 04:12 – Why the lack of reporting human capital is a huge problem
• 05:32 – Will disclosures on human capital get political? 
• 06:48 – Reporting human capital tells a more compelling story to investors
• 08:21 – Offering high-quality employee development programs is one way to ride out the economic storms | WSJ
• 10:28 – There needs to be a broader range of rules in GAAP for telling the stories of these companies
• 12:04 – The more things change, the more they stay the same, especially where GAAP is concerned
• 13:58 – Nap time for David? Ethan talks about Boeing’s use of program accounting | The CPA Journal
• 15:30 – David finally weighs in – Given the emotional climate of investing, what exactly is GAAP used for? 
• 17:06 – Regardless of investors’ evaluation tactics, Ethan still thinks GAAP is relevant
• 19:10 – Is Ethan a social-media anomaly? 
• 23:04 – More insightful Cloud Accounting Podcast content is on the way! Subscribe now, so you don’t miss out!  
• 23:28 – Innovation is the theme of Sage Intacct Advantage 2019 | GlobeNewswire
• 24:36 – Finance 3.0, Intelligent GL (AI), product announcements, and more key takeaways from the conference
• 28:43 – Sage’s goal is to “eliminate the close …” stay tuned for more insight on this aspiration from Sage CTO Aaron Harris in a future interview
• 30:13 – Some hints about what will become of the AutoEntry acquisition? 
• 32:50 – Mark your calendars! Intacct Advantage 2020 hits sunny Florida!
• 34:15 – Update on the QuickBooks Desktop Payroll discontinuation – So far, it’s only in the UK version! | Intuit QuickBooks
• 35:24 – Billtrust is the latest target for ransomware-ers | Krebs on Security
• 37:16 – Want Higher Profits? Hire a Female CEO, CFO | Korn Ferry
• 39:14 – The opposite of woke … E&Y instructs its female counterparts on the art of dressing and behaving appropriately? | The Huffington Post
• 40:44 – Nuke launches have gone digital … We feel so much safer now | Engadget

Connect with Ethan Rouen

LinkedIn: https://www.linkedin.com/in/ethan-rouen-16a9551/
Website: http://www.ethanrouen.com/

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus. 

Meet Blake and David in person! 

• October 29-30: AcuityCon in Atlanta
• November 5-8: QuickBooks Connect in San Jose
• November 5: Practice Ignition PreCon Party in San Jose
• November 6: VIPartners Party with Gusto, Routable & Jirav in San Jose
• December 9-11: Digital CPA Conference in Seattle

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