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How Good Ideas Still Lead to Bad Reporting

Scott Taub | January 27, 2015

A number of different roles go into financial reporting. The Securities and Exchange Commission sets the rules requiring financial statements to be published and overseas the other parts of the process. The Financial Accounting Standards Board writes the accounting standards. Corporate accountants develop policies and procedures to apply those standards, implement systems to gather necessary information, and prepare the financial statements themselves.

Audit committees oversee the preparation of financial statements and hire auditors to certify them. The Public Company Accounting Oversight Board writes auditing standards. The...

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