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:
“I’m not in business to be loved, but I am in business.”
—Robert Towne (b. 1936)
“It is clearly better that property should be private, but the use of it common; and the special business of the legislator is to create in men this benevolent disposition.”
—Aristotle (384–322 B.C.)
“The business of love is
cruelty which,
by our wills,
we transform
to live together.”
—William Carlos Williams (1883–1963)