Accounting in the Twenty-First Century firm: An interview with Jerold L. Zimmerman

Within the framework of the special issue celebrating the twentieth anniversary of Proyecciones, dedicated to reflecting on the current challenges facing accounting and the accounting profession, we present this interview with Professor Jerold L. Zimmerman, one of the most influential scholars in the development of positive accounting theory and in the study of the economic role of accounting information. This special issue will feature a series of essays in which the authors express their personal views on topics of global relevance for the accounting profession. The present contribution opens the series. On December 5, 2024, during the International Closing Conference of the 20th Regional Symposium on Accounting Research—organized by the Institute for Accounting Research and Studies (IIEC) of the Faculty of Economic Sciences at the National University of La Plata (UNLP)—Professor Jerold L. Zimmerman, Bittner Emeritus Professor at the University of Rochester’s Simon Business School (USA), delivered the lecture titled “Corporate Governance Lessons from Organized Crime” (Proyecciones, 2025), drawing on the concepts developed in his book Relentless: The Forensics of Mobsters’ Business Practices. The event was followed by an exchange with the audience moderated by Dr. Mariano Scapin, Senior Lecturer in Accounting at the University of Bristol (UK). We present here the second part of that interview. Throughout his career, Zimmerman has made significant contributions to the analysis of the economic incentives that shape accounting practices, as well as to the study of the institutions that govern the production and use of financial information. In his more recent work, he has addressed issues related to the role of accounting in contemporary firms, characterized by a growing intensity of intangible assets, changes in corporate financing structures, and transformations in capital markets. In this conversation with Mariano Scapin, Professor Zimmerman discusses the evolving role of accounting in modern firms, the impact of intangible-asset-intensive companies, the rise of private equity, and the implications of technological change for the future of accounting education and the accounting profession. Although some of his positions may invite debate, his reflections are particularly relevant for rethinking the future of the accounting profession in a context of technological, regulatory, and organizational change.