What do you think about the supposition made by the author that having "arbitrary, complicated, and, occasionally potentially misleading" GAAP is not an accident because having this kind of leeway allows management to misrepresent economic reality to their benefit.Do you buy the argument that economic reality cannot be misrepresented (to anyone's benefit) since we cannot know what true earnings are?What does this say about our profession?

Answer rating: 100% (QA)

The author raises a valid point about the complexity of Generally Accepted Accounting Principles GAAP Heres a breakdown of the arguments and some addi... View the full answer