>>I think that Accounting should be so simple that questions cannot arise. I believe that has always been the intention of Accounting. Accounting's basic purpose is to track money coming in and money going out.
>>There should be no question at all as to what is a real expense item and what is a real income item. EVERY item should be easily 'placed' and accounted for.
>>However, even President Bush says that 'sometimes there are differences of opinions as to how things should be accounted'. This is where the problem is! There is no need for there ever to be a 'difference of opinion' as far as accounting each item is concerned. Standards (rules) make these things clear.
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>>I suppose that the complexities of the tax codes has allowed Accounting to 'benefit' from judgement calls in that area by extending the same confounding to Accounting. There really should be no such a thing as "creative accounting" - we all know that Accountants are the least creative people in the world < s >.
>>As long as lawmakers allow that "creative accounting" is the normal state of affairs there will be trouble.
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>I don't think accounting is that cut-and-dried, although there are Generally Accepted Accounting Principles (GAAP). I don't see the problem as being with lawmakers who allow creative accounting, or the accounting profession itself. It was greed, pure and simple. We'll never create foolproof laws to prevent greed. We just have to make sure that those who commit it pay for it.

I don't believe that any laws - new or old - are needed as regards Accounting. But I do believe that Accounting is extremely cut-and-dried in its proper form and I'd bet that GAAP essentially reflects this.
I believe that people like President Bush using differences of accounting opinions as reasoning for his or VP Cheney's situations only encourages Accountants towards more "creative accounting" rather than more strict by-the-rules accounting.
So if Accountants got back to real genuine accounting and if their professional associations duly ENFORCED such practises there would be no trouble, laws or no laws.

Of course it is hardly in the interests of those with money to push for such "reform", is it?!?! Nor is it in the interests of Accountants generally, who now can be viewed as programmers used to be viewed (magicians who can pull great stunts for the benefit of the corporation) and collect much bigger bucks too.