Big Accounting News!

The US is gradually moving away from GAAP towards international standards.

This actually represents a big move away imposing a book full of "rules" (remember, Enron followed the "rules", and look what happened!) toward more comprehensive international standards. This means that accountants will have to inform their clients that just following "rules" does NOT mean that reports comprehensively and fairly depict what has actually transpired in an organization, if such a treatment produces a misleading result.

Seems like common sense to me... but let's see how this is actually implemented in coming years.

VERY interesting!