The 12th Workshop on Accounting and Economics in June 2016 was hosted by Tilburg University and chaired by Eva Labro (UNC), Jeroen Suijs (Tilburg), and Alfred Wagenhofer. The workshop provided an excellent forum to thoroughly discuss research, particularly economic modelling. The workshop was opened with a key-note speech by Chandra Kanodia (Minnesota), who highlighted the real effects of accounting policy and discussed their implications for standard setting. In parallel sessions with discussant, several DART members presented their current work. Kristina Berger (Institute of Accounting and Control) presented her paper, “Identity, cost of benchmark and incentives.” Ralf Ewert presented a joint work with Alfred Wagenhofer titled “Accounting characteristics and internal controls.” Sebastian Kronenberger presented his paper “Multi-period accounting bias and audit pricing,” and Reinhard Schrank presented his paper “The impact of damage apportionment on ICS effectiveness and financial reporting accuracy.” In the closing plenary session Paul Fischer (Wharton) addressed the question, “What if agents care about more than wealth, consumption, and leisure?” His speech stimulated discussion on points such as accounting and status, social norms as well as modelling characteristics.