****A great summary of US accounting history, followed by its major short-falls including accounting for inflation, intangibles, debt, and options. Reporting earnings and the latest accounting controversy SOX are also covered. After discussing the many loopholes and workarounds available to dishonest managers the book concludes that "the only workable solution is for corporations to select CEOs with impeccable integrity." Not earth shattering news but the journey which reached that conclusion was interesting and informative.
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