"It's Like When Someone Robs a Bank"

The new head of the Financial Accounting Standards Board doesn't blame scandals on existing rules, but he says simpler ones would foil cheats

Robert Herz started his new job as chairman of the accounting industry's main rulemaking body, the Financial Accounting Standards Board (FASB) on July 1, when accounting practices were facing what has remained an ongoing firestorm for their role in the massive bankruptcies and corporate scandals that have marked the year (see BW Online, 8/19/02, "The Substantial Issue of Intangibles").

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