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The Fox And The Ostrich: Is Gaap A Game Of Winks And Nods?, Arthur Acevedo
The Fox And The Ostrich: Is Gaap A Game Of Winks And Nods?, Arthur Acevedo
Arthur Acevedo
The fox is frequently described as sly, cunning and calculating in world literature. It is often associated with behavior that seeks advantage through trickery and pretext. The ostrich on the other hand, has been portrayed as cowardly and irrational. Its character defect is epitomized when it sticks its head in the sand at the first sign of trouble. The Financial Accounting Standards Board (FASB) can be described as the fox; the Securities Exchange Commission (SEC), the ostrich. This article examines the creation of accounting principles by the fox and the failure to govern by the ostrich. History demonstrates that the …