Brasilia Metro Map on Previously, the media couldn’t have cared about accounting, but now, not only were accountants the new objects of ridicule, but GAAP, formerly an industry-only utterance, became a household word. Though GAAP clearly had solid principles to determine revenue recognition rules, the allowable degree for deviation was so great that it was exploited by Enron in an attempt to prop up the appearance of booming profits. The fallout for GAAP was that it was said to be, essentially, not tough enough with its principles, and therefore, allowed for deceptive accounting practices far too easily. So again, where GAAP encounters problems is when companies are left free to pursue aggressive accounting tactics, though they are not necessarily illegal. This wave of corporate accounting scandals ushered in a new era of regulation to the accounting industry. Perhaps the new regulatory oversight, as government adopts a new get-tough policy on deceptive corporate accounting, will prove to be more cumbersome than advantageous. Alas, the increased involvement from the public sector may prove to be detrimental in terms of competition, because the costs of wide-ranging oversight, political lobbying, and compliance to the various new rules will likely prohibit those on the margin from competing in businesses under less vigorous oversight conditions. Brasilia Metro Map 2016.
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