The purpose of this paper is to explore problems in current GAAP, including earnings management and illogical accounting practices. The paper then looks at proposed solutions to these problems, but shows how, from a creditor's perspective, these solutions fall short. My conclusion is that by creating two sets of GAAP, one for large publicly traded companies and one for smaller privately held companies, financial statements will be more representationally faithful for the creditors utilizing the financial statements.
| Identifer | oai:union.ndltd.org:CLAREMONT/oai:http://scholarship.claremont.edu/do/oai/:cmc_theses-1637 |
| Date | 01 January 2013 |
| Creators | Irish, Ryan P. |
| Publisher | Scholarship @ Claremont |
| Source Sets | Claremont Colleges |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | CMC Senior Theses |
| Rights | © 2013 Ryan P. Irish |
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