ABSTRACT
A common thread running through the earlier discussions is the claim that accounting today is in the grip of a crisis of representation. If this is the case, there are far-reaching consequences for accounting in general. Yet conventional accounting wisdom still clings resolutely to the premise that accounting reports and information should present a ‘true and fair view’ of, or ‘present fairly,’ the financial condition of the entity. And accounting standard setters and SEC officials remain committed to the basic idea that accounting information should represent reality in a transparent manner. The ideas presented in the preceding chapters, however, cast a long shadow of doubt on such claims.
