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The Spirit of Accounting

Useful truth in accounting should be magnified, not vilified

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We're still at work on our big project and it has us reflecting more than ever on the many limitations in GAAP financial reporting and the reasons why there is so little political momentum for reform. These thoughts led us to rerun this column from June 2010 that analyzes the prevalent yet disturbing inertia that keeps so many dependent on GAAP from seeing the need for drastic reform, much less leading any sort of effort to make financial reports useful, instead of being mere compliance documents.

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