One origin of "The Spirit of Accounting" was concern over the lack of ethics in financial reporting. Eleven-plus years later, the same concern is alive and, unfortunately, thriving.Despite collapses of corporations and an accounting firm, perp walks, and prison sentences, we still encounter situations that make us cringe. We feel that way when we see how far some managers go to produce pretty pictures in their statements, and that their auditors don't stop them.

Our concern doesn't end there, as we contemplate why regulators are content with existing generally accepted accounting principles that are nothing more than political compromises that create or perpetuate practices designed to suppress, obscure and otherwise intentionally misrepresent truth.

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