Is the average accountant being strangled by overregulation? Have traditional
accounting and auditing practices been misunderstood and unfairly maligned? Can
anything be done to reverse these damaging trends?
In the 1984 edition of this book, Eugene H. Flegm gave an emphatic yes to all
three questions. However, none of his suggestions were followed and today the
condition of the accounting profession (defined as to include those in business
as well as public accounting) is in dire straits. The regulators--FASB, SEC and
the AICPA--have continued to overwhelm practicing accountants with a
continuation of detailed rules making.
In this updated version of his book, Mr. Flegm explains the