Author Interview with Prof. Ehsan H. Feroz
Author of the books: The Tragedy of the Accounting Commons
- Could you tell us a little bit about your background and what defines you as an author?
I am currently a tenured full professor of accounting at the University of Washington Tacoma, USA. I got interested in the process of financial accounting standards setting early in my career and have published many scholarly papers on the topic in various refereed academic journals. I have also published a co-authored book on a related topic, Institutional Governance and SEC Enforcement (Eliva Press, 2023).
- What drives your passion for writing, and who or what inspires your work.
As an academic my mission is to gain and disseminate some knowledge that benefits humanity. While there are many ways of gaining knowledge, the dissemination of knowledge can also be in various forms, including inspiring others through role modelling, teaching, presenting, and publishing in books and in scholarly and practitioner journals. I am a Google scholar, and a large part of my published research (approximately 50 articles) is in scholarly referred academic journals. Published academic research in scholarly refereed academic journals is, however, read by a small group of researchers, even a smaller group as compared to the total readership of the globe, who are interested in the topic. Unlike most academic accounting research, my research has public policy implications. I wanted to reach a wider audience of students, instructors, researchers, market participants, regulators, and public policy makers. A book both online and in print was a logical way of reaching a wider audience.
- Can you walk us through the timeline of your book-from the initial concept to seeing it in print?
Although I had the idea of authoring a book on the topic for quite some time, the actual process of writing did not begin until the onset of the Covid pandemic. Since the beginning of Covid I have been working on the book on and off for about 5 years until its publication in June 2025.
- What key themes or core ideas does the “The Tragedy of the Accounting Commons” aim to convey?
Garret Hardin introduced the concept of the “Tragedy of the Commons” in his famous Science 1968 article. This book develops and significantly elaborates on the concept of the “Tragedy of the Accounting Commons,” as well as articulating innovative solutions to the tragedy of the financial accounting commons. As a solution, it suggests the decentralization of the setting of accounting standards to the 50 US state level commons, and the empowerment of the commoners in the process of accounting standards setting. It proposes two complementary conceptual models for financial accounting standards setting, one at the federal level (Model 1), and the other at the state level (Model 2). The book proposes 50 elected accounting standards setting bodies to reflect the preferences of the 50 commons in setting the accounting standards as compared to the current centralized, top-down approach of the Financial Accounting Standards Board (FASB). It also proposes a Special Accounting Adjudication Court(s) to speedily resolve the conflicts between the accounting regulators, including the Securities and Exchange Commission (SEC), and its registrants. It visions a major point of departure from the way that accounting standards have been set in the US to date.
The book also addresses the institutional reconfiguration of the public-private sector balance as mandated by the Sarbanes Oxley Act of 2002. While the US Generally Accepted Accounting Principles (GAAP) remain the exclusive domain of FASB, the International Financial Reporting Standards (IFRS) pronounced by the International Accounting Standards Board (IASB) have gained considerable legitimacy abroad. Although there are convergence initiatives by the two private sector accounting standards setting organizations (FASB and IASB), it is uncertain as to whether there will be a total convergence between the two sets of standards (GAAP and IFRS). This book addresses these issues from the point of view of the commoners.
- What is the most unexpected conclusion you came up with while preparing,” The Tragedy of the Accounting Commons: Governing the Financial Accounting Standards Setting Process”?
Governing complex financial institutions such as GAAP or IFRS is an extremely challenging task that involves an enormous number of stakeholders with divergent interests and commitments to the issue. Some institutions are designed to maximize the participation of the commoners, including myself, and others are designed to limit the participation of the commoners within the constraints of law. Involving the commoners in the process of setting accounting standards is an indispensable prerequisite for gaining wider legitimacy of accounting standards (GAAP or IFRS). While in this book I limit myself to the process of setting accounting standards in the US, in a complementary book, Institutional Governance and SEC Enforcement, my coauthors and I deal with the enforcement of those accounting standards (GAAP). The two books provide a handy reference guide for anyone who is interested in the development and enforcement of US GAAP.
- What challenges did you face during the writing or research process and how did you overcome them?
As I stated, the project started during the Covid pandemic when there were uncertainties and empathetic concern about the safety and security of my own family, friends, neighbors, and the larger humanity. This was a time when the intersection between science and divinity was at its most obvious display. Authoring a book provided an interesting way of coping with the grim realities of life that were beyond my control. It also provided me with an opportunity to contribute in my own ways to the benefit of the nation and humanity.
- Who do you hope will benefit most from reding the book and why?
The intended audience for this book is the general readership which includes commoners, citizens, taxpayers, and virtually anyone who is interested in how accounting affects the market and the economy. It is written in a user friendly and non-technical lingo so that one can get the most out of it without having any formal background in accounting. No accounting prerequisite is assumed for the readership of this book.
Instructors in the fields of accounting, finance, economics, law, and public policy may use the book as the main or supplemental text in a graduate or in a senior undergraduate class for initiating discussions on the future of the accounting profession in the US. The market for this book includes accountants, and lawmakers who have a keen interest in the process of accounting standards setting. The book will also attract an international audience since the accounting commons discussed in this book have a wide audience both at home and abroad.
Last but not the least, I hope this book will help initiate a conversation both online and offline to include as many commoners as possible. Likely, these discussions will take place in forums like the New England town hall meetings and chat groups and will eventually generate ballot measures and propositions at the grassroots level. There are also other ways of facilitating this conversation by conducting book tours and other events that the author wishes to undertake.
- How would you describe your publishing experience with Eliva Press in a few words?
I have enjoyed working with Eliva Press. The Eliva Press has a wonderful team!