Who will be responsible for invisble value in account?
One thing that is not clear. Whenever there is accounting problem, the accountant is the first suspect and in most cases there is no way out for the accountant even if he/she has to do so by order.
This may be the first report, "When Balance Sheets Collide With the New Economy", talking about something that may not be initiated by accountants.
When the Economy is involved, when the future of the enterprise is involved, when the top management demand so and so to meet the new environment, no accountant can refuse by putting unrealistic value to the book, in other words, cooking the book.
If it is said that new accountants have been trained about related valuation methods, then accountants will face another risk if they have to do so by them. Can they refuse to put higher valuation when their superior asked? Can they prove that they had not mistake when bad things happened?
Of course, no one will be blamed if fortune or gain is obtained. Of course, someone will be blamed if there would be loss. Who? Certainly, it is the accountant.
As the world now looks for money and money by hook or by crook, there is no way to avoid frauds, a new type after one another, hopefully not bigger and bigger. But one thing is sure; it will not be good days ahead for accountants. Perhaps, accountant will become the riskiest job in the present time.
This may be the first report, "When Balance Sheets Collide With the New Economy", talking about something that may not be initiated by accountants.
When the Economy is involved, when the future of the enterprise is involved, when the top management demand so and so to meet the new environment, no accountant can refuse by putting unrealistic value to the book, in other words, cooking the book.
If it is said that new accountants have been trained about related valuation methods, then accountants will face another risk if they have to do so by them. Can they refuse to put higher valuation when their superior asked? Can they prove that they had not mistake when bad things happened?
Of course, no one will be blamed if fortune or gain is obtained. Of course, someone will be blamed if there would be loss. Who? Certainly, it is the accountant.
As the world now looks for money and money by hook or by crook, there is no way to avoid frauds, a new type after one another, hopefully not bigger and bigger. But one thing is sure; it will not be good days ahead for accountants. Perhaps, accountant will become the riskiest job in the present time.
posted by F. H. Tong | 3:09 AM
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