Spring 2008 issue of Terry Magazine - (Page 28)

The only UGA person that I would say The only UGA person that I would say has greater name recognition than has greater name recognition than Denny on the national scene is Dean Rusk.” Denny on the national scene is Dean Rusk.” — Peter Shedd, Terry MBA Director The accounting profession took some of the heat for what happened — particularly those who behaved as though “What do you want two plus two to equal?” was an acceptable business practice. But the overall financial scandal was mostly a case of corporate leaders acting in a morally corrupt way. As oxymoronic as the term rock star-accountant may seem, Beresford’s sound judgment, integrity, and dedication to his profession was a high note during this unfortunate era when corporate ethics sank to a new low. Beresford takes immense pride in his work. But you have to look closely to see his inner fire. When he’s asked a question about his career, he leans back in his chair, locks his fingers behind his buzz cut of white hair, and searches the ceiling of his modest Brooks Hall office for the right words to complete a thought. And oftentimes, his pearls of wisdom are couched in self-deprecating plain speak: “I believe you have to take your job very seriously, but not yourself.” It’s a principle he sometimes takes to the extreme: Beresford’s daughter wasn’t aware of his May 2006 appointment to the board of Fannie Mae until she read the Christmas letter that Marian, Denny’s wife of nearly 47 years, wrote to family and friends. To appreciate the magnitude of Beresford’s career, you only have to ask his Terry colleagues. “How often does someone of Denny Beresford’s experience and influence on a national level come to this university?” says Terry MBA Director Peter Shedd. “Here’s a man who is one of only three people who can tell us what really happened with the financial restatement of WorldCom and the reconfiguration of MCI because he is one of the three board members who salvaged that company. The only UGA person that I would say has greater name recognition than Denny on the national scene is Dean Rusk.” A s with any type of stardom, being at the right place at the right time plays a key role. Born and raised in Los Angeles as the eldest of four siblings, Denny Beresford didn’t grow up desiring stardom — though he caught glimpses of it, owing to the fact that his grandfather managed the famed Grauman’s Chinese Theater in Hollywood. Beresford’s work ethic began taking shape during his pre-teen years. At the age of 11, he worked as a pin boy at a local bowling alley. At 13, he took a job as a grocery clerk that he maintained throughout high school and most of his college years. Tall, skinny, and uncoordinated as a kid, work was such a part of Beresford’s childhood that he never studied. This worked fine through high school, but a 0.7 GPA after his first semester at UCLA served as a wakeup call. “I decided I was either going to be a career store employee,” says Beresford, “or I’d better get a little more serious about my education.” After six months of active duty in the Army, he revitalized his college career at USC, where he received the Price Waterhouse award as outstanding accounting student before joining Ernst & Young in 1961. After only a decade performing audits in the L.A. office, he was promoted to E&Y’s national office in Cleveland, where he spent 16 years as the firm’s chief technical partner. What made Beresford a legend in his field was the tenacity he exhibited during a tumultuous 10-year stint as FASB chairman from 1987-1997. The FASB is a 10-member, standard-setting board with a full-time research staff to assist them in establishing generally accepted accounting practices prescribed by the U.S. government. Beresford’s FASB tenure piqued the interest of two professors on the faculty of Terry, J.M. Tull School of Accounting’s J. Don Edwards and the late Russell Barefield. Their overtures to Beresford were rewarded when he joined Terry’s accounting faculty in 1997. “He served as chairman of the board in a very admirable way,” josh weiss 28 • Spring 2008 Terry College of BuSineSS

Table of Contents Feed for the Digital Edition of Terry School of Business - Spring 2008

Terry School of Business - Spring 2008 Contents Quick Bites Research & Innovation Gatherings Best CEO in America An Unlikely Rock Star Fire & Flavor Beyond the Bench Terry Memo Economic Scorekeeper Class Notes

Terry School of Business - Spring 2008

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