Earnings Numbers Useless?

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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.”

Questions:

  1. Briefly list the three suggestions presented by Baruch Lev meaningful new agendas for accounting regulators.
  2. What examples does Professor Lev present as supporting the U.S. accounting standards as “leading from behind?”
  3. 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.
  4. What did you find to be the most interesting part of this article?

Source:

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?)