Accounting rules pay off

Corporate America keeps complaining that new regulations forcing companies to assess their accounting procedures are a big waste of time and money that could be better spent elsewhere.

Shareholders at Eastman Kodak Co. MCI Inc.and Chiron Corp. might beg to differ, though. They are seeing firsthand how those federal compliance rules can push companies to reveal poor financial reporting practices that should be stopped.

And for investors all around, the exercise of having corporate controls fully analyzed might give them more trust in the numbers that appear on financial statements.

This sounds like time and money well spent.

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