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 only business of the head in the world is to bow a ceaseless obeisance to the heart.”
—William Butler Yeats (1865–1939)
“Art is the beautiful way of doing things. Science is the effective way of doing things. Business is the economic way of doing things.”
—Elbert Hubbard (1856–1915)
“Most of the trouble in this world has been caused by folks who can’t mind their own business, because they have no business of their own to mind, any more than a smallpox virus has.”
—William Burroughs (b. 1914)