Where Are the Accounting Profession’s Leaders – This article questions whether accountants will ever again be able to fulfill their responsibility to the public as financial watchdogs given their preoccupation with lobbying and litigation management.
Goodwill Games
May 24, 2011 — carymaguirefellowGoodwill Games – As the furor over fair value reporting of financial instruments in the recent financial crisis fades, this article highlights what is potentially the next “time bomb” in financial reporting: recording unverifiable assets on corporate balance sheets.
Reconsideration of Repurchase Agreements
May 24, 2011 — carymaguirefellowReconsideration of Repurchase Agreements – In the wake of the recent financial crisis, accounting standard-setters presumably are working to reform accounting rules that exacerbated the banking collapse. As this short article shows, however, the recent “repo fix” is not at all a cure, but a “fix” in the sense that corporate America has once again pressured accountants into a rule that corporations can use to misrepresent their financial condition.
