In our preceding five columns, we have expressed our concerns to our good friends at the Financial Accounting Standards Board about their May 2005 exposure draft on the hierarchy of accounting principles.We confess that we yawned when we first saw this document superficially. However, a closer, more careful look made us sit upright and kick into gear. We don't think they meant anything sinister, but we found great hubris in their words.

Our previous columns focused on the board's proposition that there is no longer any place for a policy that would allow managers to take exception to published generally accepted accounting principles, even if they believe that compliance will produce inferior financial statements.

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