Accounting Standards: True or False?

Within the context of the financial scandals on Enron, Tyco et al, the accounting profession is under scrutiny as never before. More importantly, the basis of financial accounting, the standards and guidelines by which company accounts are both drawn up, and are validated are being questioned in that they appear to singularly fail to prevent and potentially aid and abet financial wrong-doing. As a result "truth in accounting" has become not simply a professional issue but a political one. In this book, Anthony Rayman seeks to explain the failure of the conventional system of accounting and to propose an alternative system to promote the improvement of corporate governance in the market economy. It expertly explores the theoretical basis of generally accepted assumptions, and challenges the validity of the current accounting system. This stimulating examination systematically critiques the existing system and will promote discussion and debate in both students and professionals. Accessiblywritten and expertly argued, this book will be of great interest to students, academics and professionals throughout the accounting arena.

Dr Anthony Rayman is a chartered accountant and former university lecturer