The accounting profession has funny rules. It remains legal, ethical and routine for companies to operate two sets of books, one for government tax collectors and another set for investors.
In an ideal world, in this era of transparency, this would be a good prospect for reform. Sure, such a change is not going to happen right away, but it is worth considering.
The accounting profession is taking other steps to reform corporate governance. A rule proposed by the Financial Accounting Standards Board would replace near-mythical pension numbers on corporate balance sheets with current, market-based figures.
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