Among the most enjoyable parts of the six years I spent at the Securities and Exchange Commission were the intelligent discussions on how to resolve difficult financial reporting issues. Although many people think of accounting as a boring profession with little conflict, those of us in the profession know that important issues almost always result in mixed views. Good debates on these issues repeatedly have resulted in better reporting, whether the topic is one company’s accounting for one transaction, what principles should be embedded in a new accounting standard, or how to revise SEC rules and regulations.
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