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:
“The war is dreadful. It is the business of the artist to follow it home to the heart of the individual fighters—not to talk in armies and nations and numbers—but to track it home.”
—D.H. (David Herbert)
“Justice means minding one’s own business and not meddling with other men’s concerns.”
—Plato (427–347 B.C.)
“I’m afraid, Mr. Goldwyn, that we shall not ever be able to do business together. You see, you’re an artist, and care only about art, while I’m only a tradesman and care only about money.”
—George Bernard Shaw (1856–1950)