In a recent article in Accounting Today, Baruch Lev discusses the poor quality and low relevance of corporate financial statements due to “a sad state of accounting standards.”
- Briefly list the three suggestions presented by Baruch Lev meaningful new agendas for accounting regulators.
- What examples does Professor Lev present as supporting the U.S. accounting standards as “leading from behind?”
- Do you agree that accountants are stuck in the industrial-era and should pay more attention to intangibles rather than physical assets? Support your answer.
- What did you find to be the most interesting part of this article?
Lev, B. (2021). The sad state of accounting standards. Accounting Today, July 21 (Retrievable online at https://www.accountingtoday.com/opinion/the-sad-state-of-accounting-standards?)