One of the most controversial topics to affect the accounting profession has been that of earnings management. Companies have been trying to manage their earnings to match analysts’ projections. While the accounting literature doesn’t give accounting professionals a clear definition of earnings management, many people have been critical of companies for trying to manage earnings, saying that most managed financial statements are fraudulent. As a class or individually, analyze the pros and cons of earnings management and try to decide whether earnings management is the same as financial statement fraud.