CONTACT INFORMATION
Office:	314 Kalkin  FIND OFFICE
Phone:	802 656-0504
E-Mail:	shughes@bsad.uvm.edu
Office Hours:	Mondays and Wednesdays 2:00 - 3:15 p.m.and by appointment or by appointment

• BSAD 161 - Intermediate Accounting I
  Section A, 110 Kalkin 3:30-4:45 MW - ON-LINE SYLLABUS
  Section Z1, 110 Kalkin 3:30-4:45 MW
   
• BSAD 306 - Fundamentals of Accounting
  Section A, 004 Kalkin 6:30-9:10 W - ON-LINE SYLLABUS
  Section Z1, 004 Kalkin 6:30-9:10 W

Publication History

Journal Article, Academic Journal

• Hughes, S. B.; Sander, J. F.; Snyder, J. K. - "Critical Accounting Policy and Estimate Disclosures: Company Response to the Evolving SEC Guidance" (Refereed) - Research in Accounting Regulation - 2009 - v. 21, no. 1, pp. 19-33
• Gjerde, K. A.; Hughes, S. B. - "Racing to Success by Identifying Key Performance Drivers" (Refereed) - Journal of Corporate Accounting & Finance - 2009 - v. 20, no. 3, pp. 59-65 [View publication] [Show/Hide Abstract]
  Abstract: This article focuses on ways to identify key performance drivers (KPDs) and key performance indicators (KPIs). Unfortunately, lists of KPIs published in the past often focus on one industry and assume a generic business strategy. In addition, an overemphasis on financial measures will mean that KPIs will reflect past activities rather than signaling future performance. Managers need to develop meaningful metrics for their own businesses, not use generic KPIs. This is particularly important in small and medium-sized enterprises. How adept are you at this task? Do you know what drives net income for your organization?
  
• Hughes, S. B.; Sander, J. F.; Higgs, S. D.; Cullinan, C. P. - "The Impact of Culture on Entry-Level Auditors' Abilities to Perform Analytical Reviews" (Refereed) - Journal of International Accounting, Auditing and Taxation - 2009 - v. 18, no. 1, pp. 29-43 [View publication] [Show/Hide Abstract]
  Abstract: We focus on the impact of three of Hofstede's cultural dimensions, power distance, uncertainty avoidance, and individualism, on the results of analytical procedures conducted by entry-level auditors in Mexico and the U.S. Analytical procedures are ideal for this research as they require auditors to use professional judgment and appropriate levels of professional skepticism, abilities related to all three cultural characteristics. We find no other study investigating the impact of culture on the application of auditing procedures similar across the studied cultures. We find cultural characteristics do not affect the participants' abilities to predict income statement balances, but they may influence the ability to predict changes in balance sheet accounts. We also find culture is associated with differences in risk assessments. Our results indicate that participants rarely differentiate accounts that change according to expectation from those that change contrary to expectation, but rather alter their risk assessments to match the direction of balances that increase or decrease.
  
• Cullinan, C. P.; Hughes, S. B. - "The effects of expectation formation on detecting unexpected non-changes in account balances during analytical review procedures" (Refereed) - Academy of Accounting Studies Journal - 2008 - v. 12, no. 3, pp. 85-96 [View publication] [Show/Hide Abstract]
  Abstract: The effectiveness of audit analytical procedures in identifying financial statement misstatements has been studied from a variety of perspectives. Most analytical procedures research uses unexpected changes in an account balance or ratio to signal a possible misstatement. Some recent misstatements (e.g., Cendant, WorldCom) have involved financial statement accounts remaining the same when they should have changed (i.e., an unexpected non-change). This research assesses whether auditors forming expectations are more sensitive to unexpected non-changes in account balances than auditors not forming expectations. Seventy nine auditors from three different firms participated in an experimental analytical procedure that contained both an unexpected change and an unexpected non-change in a client's accounts. Results indicate that explicit expectation formation increases auditor's sensitivity to unexpected changes in accounts. In the unexpected non-change situation, however, there was no difference between auditors forming expectations and those not forming expectations.
  
• Hughes, S. B. - "Using Form 20-F reconciliations to internationalize an accounting course" (Refereed) - Journal of Accounting Education/Elsevier - 2007 - v. 25, no. 3, pp. 137-151 [View publication] [Show/Hide Abstract]
  Abstract: Accounting courses and textbooks in the United States focus on US generally accepted accounting principles (GAAP). As a result, US accounting students have little exposure to International Financial Reporting Standards (IFRS) and to differences between these standards and US GAAP. To familiarize students with the differences between IFRS and US GAAP, accounting instructors can develop assignments based upon the reconciliation of IFRS to US GAAP net income included in Form 20-F, the annual document submitted to the SEC by non-US firms. The course assignment described in this paper provides students with a "road map" of the differences underlying specific company financial reporting, and helps instructors identify where these differences occur. The assignment represents an innovative way of integrating international financial reporting standards and SEC reporting requirements into a higher level undergraduate or graduate accounting course.
  
• Hughes, S. B.; Caldwell, C.; Gjerde, K. P. - "Promoting investment in intangible assets" (Refereed) - Management Accounting Quarterly - 2006 - v. 7, no. Summer, pp. 1-8 [View publication] [Show/Hide Abstract]
  Abstract: Strategic business unit managers are often evaluated based upon return on investment targets--targets that reward lower expenses and lower investments. This focus, however, may be at odds with the strategic objectives of the larger organization that require investment in organizational assets, generally large-scale intangible assets that form the basis for achieving the organization's strategic goals. Investments in these intangible assets have the potential to reduce profits in the short term but enhance profits in the long term. To encourage investment in organizational assets, organizations must align their compensation schemes with their long-term objectives. We examine the experiences of the Steak n Shake Company to illustrate how one company aligned the objectives of its business unit managers with its strategic plan to build human capital.
  
• Sander, J. F.; Hughes, S. B. - "Adjusting the inventory account when companies use LIFO: Explanation and application to distribution and chemical industries" (Refereed) - Credit and Financial Management Review - 2005 - no. Fourth Quarter, pp. 31-42 [View publication] [Show/Hide Abstract]
  Abstract: It is widely understood that a disadvantage of LIFO is that it assigns the oldest inventory costs to the inventory account, which, when prices are changing, can result in an inventory value that is useless as a measure of current value. FIFO, however, avoids this disadvantage by assigning the most current costs to inventory. The purpose of this article is to explain a simple adjustment that restates LIFO inventory to the more current cost based FIFO value and analyze effects of this adjustment. We begin by demonstrating the LIFO adjustment and explaining its effect on one company. This is followed by an analysis of the effects of the LIFO adjustment on a sample of companies from ...
  
• Boedeker, R. R.; Hughes, S. B. - "Best practices in finance: How Intel Finance uses business partnerships to supercharge results" (Refereed) - Strategic Finance - 2005 - v. 87, no. 4, October, pp. 26-33 [View publication] [Show/Hide Abstract]
  Abstract: Recipient of the 2006 William M. Lygrand Institute of Management Accountants Gold Medal. The roles of the finance and accounting functions have changed over the past few years. In place of the traditional scorekeepers and tabulators, both accounting and finance personnel now find themselves operating in cross-functional teams working to identify new business opportunities, streamline operations, and improve profitability. Intel describes the active involvement of finance and accounting personnel in making decisions that affect the various operating units as a business partnership between finance and operations. The business partnership concept began at Intel during the 1980s and accelerated to its current state during the leadership of CFO Andy Bryant. In a successful partnership, finance personnel use their business influence to help operating areas deliver above-average financial and business results, thereby increasing shareholder value. Since the finance function isn't involved in the daily activities of the operations area, it stays focused on the financial impact of various decisions. Operations gains a finance partner who is well versed in the business, is skilled at data analysis, and has the ability to clearly communicate the financial returns of various decisions. To better understand how Intel developed its finance partnerships into a best-practice approach to achieve operating and financial excellence, we interviewed senior controllers and operations managers within Intel. Their overwhelming conclusion is that when a highly competent general manager and a strong finance professional form an effective partnership, they can accomplish great things within the business unit.
  
• Hughes, S. B.; Caldwell, C. B.; Gjerde, K. P.; Rouse, P. - "How groups produce higher-quality balanced scorecards than individuals" (Refereed) - Management Accounting Quarterly - 2005 - pp. 34-44 [Show/Hide Abstract]
  Abstract: When comparing scorecards built by individuals and by groups, this study shows that groups filter out individuals' poor ideas and incorporate their appropriate ideas. Collectively, groups produce scorecards that contain good-quality but primarily mainstream ideas.
  
• Padgett, M. Y.; Gjerde, K. P.; Hughes, S. B.; Born, C. J. - "The relationship between pre-employment expectations, experiences, and the length of stay in public accounting firms" (Refereed) - Journal of Leadership & Organizational Studies - 2005 - v. 12, no. 1, pp. 82-102 [View publication] [Show/Hide Abstract]
  Abstract: This study examines the relationship between work-family conflict, employment expectations, and length of stay in public accounting. Length of stay is modeled as a function of demographic factors and job characteristics associated with work-family balance, measured in terms of the extent to which the employees' expectations matched their actual employment experiences. Results indicated that gender, the presence of children in the household, flexible schedules, and the presence of mentors were related to length of stay in public accounting.
  
• Hughes, S. B.; Gjerde, K. P. - "Do different cost systems make a difference?" (Refereed) - Management Accounting Quarterly - 2003 - v. 5, pp. 22-30 [View publication] [Show/Hide Abstract]
  Abstract: Many factors, like complexity of the production process, frequency of operation at capacity, or the nature of competition, must be taken into account when deciding what cost system a company will adopt. "Given the internal and external pressures that a company faces, one cost system may be better suited to serve its needs than another." In order to determine what types of cost systems U.S. manufacturing companies use and to examine the differences, if any, in the information generated from them, a survey was conducted on finance and accounting professionals at 130 U.S. manufacturing companies.
  
• Smith, B.; McFatridge, M.; Hughes, S. B. - "Pleasant Run, Inc." (Refereed) - Cases from Management Accounting Practice - 2002 - v. Vol. 17, pp. 108 - 131
• Hughes, S. B.; Anderson, A.; Golden, S. - "Corporate environmental disclosures: Are they useful in determining environmental performance" (Refereed) - Journal of Accounting and Public Policy - 2001 - v. Vol. 20, no. No. 1, pp. 217-240 [View publication] [Show/Hide Abstract]
  Abstract: Our paper focuses on the environmental disclosures made by 51 United States (US) manufacturing firms for 1992 and 1993. Content analysis of annual report disclosures, made within the president's letter, the management's discussion and analysis (MD&A), and note sections, was used in conjunction with environmental ratings of US corporations, as compiled by the Council on Economic Priorities (CEP). Our study investigated whether disclosures differed between firms who had been rated good, mixed or poor in their environmental activities and whether these disclosure differences could be used to differentiate between actual environmental performance levels. Our study also investigated how a change in disclosure standard for one section of the annual report changes disclosures in other sections of the annual report. The results are important in light of Dunlap and Scarce's (1991, p. 657) findings that public concern about the environment was at an all-time high, and Epstein and Freedman's (1994, p. 106) finding that individual investors consider annual report information about environmental activities to be more desirable than information about any other social activity.
  
• Hughes, S. B.; Sander, J. F.; Reier, J. C. - "Do environmental disclosures in US annual reports differ by environmental performance?" (Refereed) - Advances in Environmental Accounting and Management - 2000 - v. Vol. 1, pp. pp. 141 - 161
• Hughes, S. B.; Corsaro, S. - "PPC, Inc., an instructional case " (Refereed) - Journal of Accounting Education - 1997 - v. 15, no. 3, pp. 345-357 [View publication] [Show/Hide Abstract]
  Abstract: PPC, Inc. can be used to discuss many management accounting concepts, including ABC, variable costing, the theory of constraints, cost allocation, and behavioral issues. The case is based on the operating results of an actual printing company that was evaluating its product costing system in an attempt to improve profitability. In addition to dealing with new competitive pricing pressures, bottlenecks in one department prevented the company from increasing its sales volume to the level necessary to cover recent additions in fixed costs. The case materials can be adapted to emphasize one concept or to discuss alternative techniques, and the case can be used in introductory through MBA managerial accounting classes.
  
• Hughes, S. B.; Willis, D. M. - "How Quality Control Concepts Can Reduce Environmental Expenditures" (Refereed) - Journal of Cost Management - 1995 - no. Summer, pp. 15-19
• Patterson, J. L.; Hughes, S. B. - "The Golsen Rule 18 years later" (Refereed) - The Tax Advisor - 1989 - no. February, pp. 122-131

Journal Article, Professional Journal

• Dion, L.; Robertson, G.; Hughes, S. B. - "What a University Can Teach You about Choosing Capital Projects" (Refereed) - Strategic Finance - 2009 - v. XC, no. 7, pp. 39-45
• Hughes, S. B. - "A U.S. Manager's Guide to Differences Between IFRS and U.S. GAAP" (Refereed) - Management Accounting Quarterly - 2007 - pp. 1-8
• Gjerde, K. P.; Hughes, S. B. - "Tracking performance: When less is more" (Refereed) - Management Accounting Quarterly - 2007 - v. 9, no. 1, pp. 1-12 [View publication] [Show/Hide Abstract]
  Abstract: EXECUTIVE SUMMARY With or without a balanced scorecard, it is easy for managers to become inundated with metrics and measures. In this article, we first highlight the differences between lagging and leading measures. Second, we illustrate the importance of differentiating the strategic leading indicators - the key leading measures - from those that may improve operational efficiency without significant improvements in profitability. Third, we use a business simulation to demonstrate that focusing on and improving the key leading measures has the greatest impact on profitability, but getting lost in the secondary measures dilutes the effect. Combined, the results illustrate that less may be more when it comes to measuring performance.
  
• Boedeker, R. R.; Hughes, S. B. - "Best Practices in Finance: How Intel Finance uses Business Partnerships to Supercharge Results" (Refereed) - International Federation of Accountants - 2006 - v. 87, no. 4, pp. 27-34 [View publication] [Show/Hide Abstract]
  Abstract: One of ten articles or merit selected by the IFAC Professional Accountants in Business Committee and reprinted by IFAS
  
• Hughes, S. B.; Taylor, R. A. - "Heartland Furniture Company: Adapting to change" (Refereed) - Strategic Finance - 2004 - no. July, pp. 46- 51
• Deloitte & Touche; Hughes, S. B.; Drake, P. - "Micromash. www.micromash.com/cpe" - International Accounting Standards - 2003
• Hughes, S. B. - "Micromash" - International Accounting Standards - 2002
• Hughes, S. B.; Fox, M. B. - "Toys in the classroom" - Business Education Forum - 1994 - no. November, pp. 32-33

Magazine/Trade Publication

• Hughes, S. B. - "The importance of measurement systems" - The CPA Letter Members in Business and Industry - 2003 - no. September, pp. D3-D4

Conference Proceeding

• Hughes, S. B.; Baer, M. E. - "The impact of network and system membership on metropolitan and rural hospitals in Indiana and Ohio" (Refereed) - Proceedings of the 6th Annual International Symposium - 2000
• Hughes, S. B.; Main, R. S.; Grossman, P. Z. - "When bigger is truly better: differentiating economics of scale from fixed cost utilization" (Refereed) - Management Accountants Educators' Roundtables, Institute of Management Accountants - 2000
• Li, L. X.; King, B.; Hughes, S. B.; Lad, L. - "Capacity choices in current health care environment" (Refereed) - Decision Sciences Institute 1999 Proceedings - 1999
• Hughes, S. B.; Main, R. S. - "Company pricing policies - market-based or cost-based calculations?" (Refereed) - Management Accountants Educators' Roundtables, Institute of Management Accountants - 1999 - no. 80th Annual Conference,
• Hughes, S. B. - "Cost systems: uses, benefits, and problems" (Refereed) - Management Accountants Educators' Roundtables, Institute of Management Accountants - 1998 - no. 79th Annual Conference,
• Lad, L. J.; Hughes, S. B.; Howe, B. - "Taking blame or shifting blame: An empirical analysis of press release attributions in environmentally sensitive industries" (Refereed) - Proceedings of the International Association for Business and Society - 1994 - pp. 553-560

Book, Scholarly-New

• Hughes, S. B. - "The bond game; The library assignment; C&D Enterprises Exercise; Costing Exercise; Group projects to teach cost of quality; Real-life budgeting" - Great Ideas for Teaching Introductory Accountin - 1996 - pp. 76, 100, 143, 153, 161, 174

Other

• Hughes, S. B. - "Comparing TOC costing and ABC Costing ??? Who is using them, when" - Institute of Management Accountants Annual Meeting, Practitioners' Roundtable - 1997
• Hughes, S. B.; Fox, M. B. - "Using Competency-Based Learning in the Classroom" (Refereed) - American Accounting Association Annual Meeting, Peer Evaluated Cont. Prof. Ed. Course - 1997