GRAHAM PEIRSON is Professor of Accounting and Finance and Director of the Centre for Research in Accounting and Finance at Monash University (Clayton Campus). He is a member of the Australian Accounting Standards Board. He is co-author of Accounting: An Introduction, Financial Accounting: An Introduction, Issues in Financial Accounting and Financial Accounting Theory. A graduate of Adelaide University, he has taught at Adelaide University; University of California, Berkeley; University of Illinois; the University of Florida; and the University of Washington.