Regular readers know that we often challenge financial reporting participants to "tell the truth, the whole truth, and nothing but the truth."This ancient oath covers all the bases by binding witnesses to tell what they know to be true, not diminished by leaving something out and not augmented by adding something extraneous. One or even two out of three simply isn't good enough.

Our topic is a bit out of our usual domain, but it was triggered by a lengthy letter (Accounting Today, Sept. 10-23, 2007, page 6) titled, "No place for politics."

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