Titanic Tragedy Remembered - 1912-2012

April 14, 2012, marks the centennial since the HMS Titanic hit an iceberg and sank in the Atlantic Ocean. Everything about the Titanic and its journey was big. Its biggest promise — one few stopped to question — was that it was an unsinkable ship.

On April 10, 1912, the Titanic left Southampton, England, to travel west across the Atlantic Ocean and reach New York City on the other side. It carried 2,435 passengers and 892 crew members. But arrogance on the part of the White Star Line and lax maritime safety regulations of the time, ensured most on board never reached the US. To add deck space, designers of the ship had a second row of lifeboats removed. That left only 20 lifeboats — not nearly enough for all who were on board.

When the ship struck an iceberg 600 kilometres off the coast of Newfoundland and sank, its once awe-inspiring size and capacity became a hindrance. Women, children and some men were ushered into lifeboats that had no hope of holding every person on the ship. More than 1,700 people were still on the Titanic when it broke apart and slipped into the frigid North Atlantic. Anyone who fell into the water would have died within minutes because of hypothermia.

When the news reached Europe and North America — that the mammoth unsinkable ship had indeed sunk — the headlines in newspaper were big too. An estimated 700 people survived but more than 1,500 died. Titanic photographs still haunt 100 years after disaster.

How did the Titanic sink? According to an article in the National Post, experts who have advised both National Geographic and the History Channel for their 100-year anniversary documentary programs offer their views. The following represents the best estimations science and history can currently make as to what happened in the moments immediately before and after the Titanic disappeared beneath the surface.

As the world remembers the tragedy of the Titanic, CBC News looks back at some of the stories and legends of the doomed ocean liner. From the ship's comforts and luxuries to the personalities on board, there is no shortage of anecdotes and details about the Titanic. The Maritime Museum of the Atlantic in Halifax, Nova Scotia, has a permanent connection to the sinking of Titanic. In commemoration of the 100th anniversary, visitors can see many exhibits, programs and special events.

Remembering Ross Skinner (1923-2003)

Saskatoon-born Ross MacGregor Skinner, FCA, had a significant impact on Canadian accounting standards. His 31-year Clarkson Gordon career began in 1945. A partner by 1954, he became national accounting standards director in 1962.

Among his numerous committee posts at the Canadian Institute of Chartered Accountants (CICA) were 5 years of service on its Committee on Accounting and Auditing Research (1959-64), including a term as its chair, and 5 years on its Standards Advisory Board (1990-95). He chaired the Auditor General­’s Independent Committee on Government Accounting and Auditing (1975-78) and, in the same period, was influential in the CICA’s decision to form its Public Sector Accounting Board.

He served two five-year terms on the Financial Disclosure Advisory Board of the Ontario Securities Commission (1974-79 and 1990-95) including three years as its chair. He was a consultant to the Commission to Study the Public's Expectations of Audits (the Macdonald Commission, 1987-88) and, working closely with the Commission, was the principal author of its report. He also served as a vice-president of the American Accounting Association, on the Board of Governors of Havergal College (Toronto), and on the editorial boards of Contemporary Accounting Research, Accounting Horizons, and the Accounting Historians Journal.

In 1962, he was elected a Fellow of the Institute of Chartered Accountants of Ontario (FCA) and, in 1984, he was one of the first five recipients of the Institute’s Award of Outstanding Merit. His many honours and awards also include an honourary doctorate of laws from Brock University, the Canadian Institute of Chartered Accountants’ Distinguished Service Award, and the Canadian Academic Accounting Association’s Haim Falk Award for Distinguished Contribution to Accounting Thought.

Apart from his work on committees of professional bodies and institutes, he wrote several influential books. His first, Analytical Auditing, co-authored with R.J. Anderson, was translated into four languages. His most well-known work, Accounting Principles: A Canadian Viewpoint is highly regarded in the accounting world, as is the book Accounting Standards in Evolution, co-authored with J. Alex Milburn.

Ross Skinner retired in 1983. In 1987 he joined the University of Toronto as adjunct professor and director of its Centre for Accounting Studies, positions he held until 1990. In 1999, he received an honourary Doctor of Laws from Brock University. In 2000, he was inducted to the Accounting Hall of Fame (refer to the article “A Rare Induction to Fame” in CAmagazine online). He passed away in 2003.

Remembering Professor Edward Stamp (1928-1986)

As a scholar and professional of truly international renown, Professor Edward Stamp was a British subject by birth and a Canadian citizen by naturalization. He took his degree from Cambridge in Natural Sciences and in 1950 was a Fulbright Scholar. In 1951, he came to Canada joining the public accounting firm of Clarkson Gordon & Co., where he qualified as a Chartered Accountant. He was admitted to partnership in the firm in 1959 and practiced in both Toronto and Montreal. In 1976, he was given the rare honour of Fellowship by the Ontario Institute of Chartered Accountants.

His academic teaching interests began in 1957 when he was a Special Lecturer at the Osgoode Hall Law School in Toronto. His first full-time academic appointment was in 1962 at Victoria University of Wellington in New Zealand where he was later appointed Professor of Accountancy. In 1967, he was appointed Professor and Head of the Department of Accounting and Business Method in the University of Edinburgh, Scotland - positions which he held until his appointment as Professor of Accounting Theory and Head of the Department of Accounting and Finance at the University of Lancaster in 1971. In 1975 he was named the Endowed Research Professor at the University of Lancaster. He founded the International Centre for Research in Accounting at that University in 1971 and was appointed as the Director of the Centre.

Professor Stamp's research interests are particularly broad, covering financial accounting and reporting, accounting theory, international accounting and auditing, and public accounting and auditing. He is the co-author of the basic document of the British conceptual accounting framework (The Corporate Report, 1975) and the author of the counterpart document for Canada (Corporate Reporting - Its Future Evolution, 1980).

One of the particular achievements of Professor Stamp is bridging the gap between academe and practice. His continual and articulate urging of the profession to respond to the new findings and direction emanating from the universities prompted much professional progress. His professional experience as a partner in an international public accounting firm and his senior academic appointments provide a uniquely rich background for these endeavours.

Among many of Professor Stamp's achievements and honours are: Advisor to Her Majesty's Treasury; Distinguished International Visiting Lecturer of the American Accounting Association; and Visiting professorships in Europe, Africa, the United States, Canada, Australia, New Zealand and Japan He was an executive member of the European Accounting Association and a Founding Member of the International Association for Accounting Education and Research in Japan. Professor Stamp was awarded the degree of Doctor of Laws at the University of Saskatchewan in 1984. He continued as the Endowed Research Professor and Director of the International Centre for Research in Accounting at the University of Lancaster, England, until he passed away on January 10, 1986 in Toronto.