GAAP Archives - Emile Woolf writes

The Auditing endgame is nigh

“ACCOUNTANCY” August 2018 Beginning of the end for the status quo of accounting – and auditing! “That which is crooked cannot be made straight” (Ecclesiastes 1,15). I am not suggesting that accounting is inherently crooked, but it is currently plagued by a “disconnect” between compliance and truth – hardly reflected in the Institute’s motto: “recte […]

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Back to square one: Accounting safeguards do not work

The most sombre issue to emerge from the world’s current financial woes is that of trust. Putting it succinctly, who can you trust in markets where it pays to deceive? it was all in conformity with existing EU accounting rules.. Take Greece’s desperation to sell its bonds to reduce the size of the European bailout. […]

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Communication rather than jargon: what accounting needs

Like the Holy Grail, convergence of financial reporting standards is an ever-receding goal. We may get there one day. But will a unified framework, even with enhanced consistency and comparability, provide investors worldwide with more intelligible accounts? While the harmonization process treads through interminable conceptual minefields, that key question is easily overlooked. Meanwhile, the range […]

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