Accounting Complexity: What if “Truth in Labeling” were an Accounting Principle? “I do not deny that what happened to us is a thing worth laughing at. But it is not worth telling, for not everyone is sufficiently intelligent to be able to see things from the right point of view.” — Don Quixote Battered and
Accounting Estimates: What Investors Should Want A major challenge for regulators is dealing with differences between what investors say they want; and what others think that investors should want. Both perspectives are important, and I have decided I should assign myself the role of discussing what investors should want. Fortunately, though, I won’t need to say much about how I know
Deferred Taxes and Tax Reform: Is a Big (Fictional) Accounting Gain in the Future? I read today that Congress is likely to consider corporate tax reforms that would reduce the statutory income tax rate from the current 35% to as little as 15%. The lower income tax rate would be offset by the elimination of a tax
Double-Entry Accounting in Modern Times How Double-Entry Parted Ways with Economics In 1494, the Gutenberg printing press made it possible for Luca Pacioli, an Italian monk, to publish an exposition of double-entry accounting as practiced during his lifetime. Pacioli showed that the claims on the assets of an enterprise can be no more, or no