The financial crisis of 2008 spurred calls for reform of the credit reporting agencies that failed miserably in rating collateralized debt obligations.  Yet, even today’s proposed regulations will not be enough.  This article argues for actions that address conflict of interest, auditor malpractice, and poor financial reporting, if credit rating agencies are to deliver transparent and useful reports.

http://www.theamericancollege.edu/assets/pdfs/BFM_Coverstory.pdf

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Where Are the Accounting Profession’s Leaders?

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.

 http://blogs.smeal.psu.edu/grumpyoldaccountants/archives/1

Goodwill Games

Goodwill 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.

http://blogs.smeal.psu.edu/grumpyoldaccountants/archives/89

Reconsideration of Repurchase Agreements

Reconsideration 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.

http://blogs.smeal.psu.edu/grumpyoldaccountants/archives/87

The Lying Culture

The Lying Culture – This article expresses the frustration of two “grumpy old accountants” with the lies perpetrated by corporate managers and their accountants.

http://accounting.smartpros.com/x71398.xml

What’s Up With Cash Balances

What’s Up with Cash Balances – This article alerts the public about new ways corporate managers are manipulating reported cash balances and why auditors allow such practices.

http://accounting.smartpros.com/x71485.xml

Put the Public First In Financial Reform

Put the Public First in Financial Reform – This opinion piece provides some simple solutions to the recent financial crisis.

http://www.philly.com/philly/opinion/117221053.html