Business
Limited reforms within professional management circles have led in the past to activity-based costing, economic value added, and risk measures.
Not only do most businesses raise capital based on numbers derived from current standards, there are extensive lobbying efforts by the accounting industry to keep those standards roughly as they are: complex, loopholed, and unable to be applied or audited easily by laymen.
Heads of the U.S. Securities and Exchange Commission since the 1980s have consistently complained that this lobbying makes it impossible for them to apply meaningful reform, even in the wake of accounting scandals, e.g. that which felled Arthur Andersen in 2002.
Read more about this topic: Accounting Reform
Famous quotes containing the word business:
“Being good in business is the most fascinating kind of art.... Making money is art and working is art and good business is the best art.”
—Andy Warhol (1928–1987)
“After all, the chief business of the American people is business.”
—Calvin Coolidge (1872–1933)
“I cannot be indifferent to the assassination of a member of my profession, We should be obliged to shut up business if we, the Kings, were to consider the assassination of Kings as of no consequence at all.”
—Edward VII (1841–1910)