Wharton professors receive 2019 'Impact on Management Accounting' award
The Association of International Certified Professional Accountants and the Management Accounting Section of the American Accounting Association have announced that Christopher Ittner and Jeremy Michels, both professors of accountancy at the Wharton School at the University of Pennsylvania, have been awarded the 2019 Greatest Potential Impact on Management Accounting Practice Award.
The two were recognized at the 2019 AAA Management Accounting Section’s Midyear Meeting in Fort Lauderdale, Fla., for their research on the benefits of risk-based forecasting.
The award looks to highlight academic research most likely to have an impact on the field of management accounting. It is sponsored by the Association of International Certified Professional Accountants and awarded on behalf of its Chartered Global Management Accountant designation.
Michels and Ittner's paper, “Risk-based forecasting and planning and management earnings forecasts,” studies the link between the quality of information used for managerial decision-making and external reporting quality. The paper found that more intricate risk-based forecasting and planning processes are associated with smaller earnings forecast errors and more specific forecast widths.
Ann Gabriel, associate professor of accountancy at Ohio University, presented the award, which included a $2,000 stipend.
“The research by these professors highlights the importance of an integrated approach to risk management,” said Gabriel, per a statement. “It also underscores the important role management accountants play in helping organizations integrate risk management practices and improve their ability to forecast financial outcomes.”
For more on the award, head to the AAA's site here.