Is the average accountant being strangled by overregulation? Have
traditional accounting and auditing practices been misunderstood
and unfairly maligned? Can anything be done to reverse these
damaging trends?
In the 1984 edition of this book, Eugene H. Flegm gave an emphatic
yes to all three questions. However, none of his suggestions were
followed and today the condition of the accounting profession
(defined as to include those in business as well as public
accounting) is in dire straits. The regulators--FASB, SEC and the
AICPA--have continued to overwhelm practicing accountants with a
continuation of detailed rules making.
In this updated version of his book, Mr. Flegm explains the causes
of the current crisis, how the accounting profession and the FASB
failed to deal with the developing problems 20 years ago, and how
there is still some hope that the integrity of the profession can
be restored.
He reiterates his basic belief that only an historical cost based
system can be used to establish the badly needed reliability in
financial data which after all is why financial statements are
relevant at all. He also brings to question whether or not the
AICPA and the public auditing firms have not forfeited their self
regulation franchise.
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