The nine lives of creative accounting

Article Abstract:

British corporate accounting critic Terry Smith believes the Accounting Standards Board reforms are improvements, but have flaws. Cash flow reporting rules, subsidiary abuse loopholes and the standard to replace 'extraordinary' costs were found inadequate.

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Cleaning up on health care

Article Abstract:

Because of new standards enacted by the Financial Accounting Standards Board retirement benefit managers may not have to set aside obligations for health care costs. This could save billions even if the company's liability must be shown anyway.

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Shining a light on company accounts

Article Abstract:

Standard-setters throughout the world are moving towards a 'fair value' system of accounting, where firms record liabilities and assets at current market value. Companies and banks are unhappy with the proposals.

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