Uncooking the books: restoring accounting. (Enron Capitalism And How To Fix It).(Brief Article)
American Prospect, The, March, 2002 by Lowenstein, Louis
FINANCIAL ACCOUNTING HAS ONE quite simple goal: to give investors and other outsiders an honest report on a company's performance and management's stewardship. Accurate accounting ("transparency") is something that we Americans preach to other nations as an essential precondition for successful capitalism.
In practice, of course, it's enormously difficult to reduce to a handful of useful numbers the complex operations, spread over many countries, of a modern industrial enterprise. But in recent years, that task has been badly skewed by Wall Street's obsessive focus on ...
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