My latest Forbes column is out. Entitled â€šÃ„Ã²Precious Little Prudence’ it asks â€šÃ„Ã²When is a debt a bad thing--do accountants really even know?’
As I conclude:
[L]et’s never forget that both the IASB and IAASB are dominated and even significantly financed by the Big 4 firms of accountants and auditors - PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young.
According to popular myth these firms have had a â€šÃ„Ã²good recession’ — little blame attaching to them for what has happened. But that’s just a myth, because the truth is they carry a great deal of responsibility for what has gone wrong — and should bear the consequences.
Which is something I firmly believe.