The Columbia Business School Center for Excellence in Accounting and Security Analysis (CEASA) is pleased to announce the publication of Accounting for Value, a new book by the Center's co-director, Stephen Penman.This book, written for analysts, investment advisors, and accountants, brings together the two aspects of CEASA's mission, accounting and security analysis. It shows how the analyst handles accounting in valuation but then goes on to lay out how accounting and financial reporting should look like if analysts and investors are to be well served. The analysis in the book is in the mode of fundamental analysis in the Benjamin Graham tradition but with a focus on the active investor applying appropriate accounting to establish fundamental value that challenges the market price. This focus identifies the type of accounting that the investor needs and highlights how GAAP and IFRS accounting help or hinder the analysis task.