Description - Mark to Market Accounting by Walter P. Schuetze
This thought-provoking and immensely readable collection of articles, speeches and letters by Walter Schuetze, one of the world's most distinguished accounting practitioners, is a work for our time. In the wake of the largest surprise corporate failures and retrospective financial restatements in corporate history, Walter Schuetze and Peter Wolnizer (as editor) turn their attention to what they call the syndrome of 'Enronitis'. They contend that the unheralded collapse of companies such as Enron and WorldCom in the USA, and HIH Insurance in Australia, shows the failure of conventional accounting and auditing practices to provide high quality financial information for investors as intended by law. It is little wonder, therefore, that public confidence in financial reporting, auditing and corporate regulation is at an all-time low. This book argues that it is time to base financial reports on up-to-date prices - current selling prices for assets and current prices for liabilities - and to disclose the details of those who provide the market price data.
In this strongly practical case for Mark for Market Accounting, the authors demonstrate how such a regime would put a stop to earnings management, and establish a firm financial foundation for corporate governance and independent auditing. Providing nothing less than 'True North' in financial reporting. This book is essential reading for advanced students, academics and professionals within the field of accounting.
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(234mm x 156mm x 22mm)
Publisher: Taylor & Francis Ltd
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Author Biography - Walter P. Schuetze
Walter P. Schuetze is a certified public accountant. He was the Chief Accountant to the Securities and Exchange Commission (1992-1995) and Chief Accountant of the Commission's Division of Enforcement (1997-2000). Peter W. Wolnizer, PhD, FCPA, is Dean of the Faculty of Economics and Business and a Professor of Accounting in The University of Sydney. He is author of Auditing as Independent Authentication and has written extensively on financial accounting and auditing.