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December 01, 2007


George Weinbaum

When I was a wee little accountant, about 33 years ago, I was idealistic enough to favor principles-based accounting. I no longer do because I have become cynical and hardened with age. Any principle will be subverted by the Big Four (BF) and its sympathizers. See a recent article at about the BF looking for cover from Britain's FSA, for example. For decades I have prefered rules-based accounting, recognizing all of its deficiencies, because it is less liable to manipulation.

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