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How Congress can prevent a post-pandemic financial crisis

Sep 08, 2020 - American Banker

"Everyone is convinced that accounting standards are simply too boring and too intricate for anyone to pay attention to."

Thosewere the opening remarksof Rep. Brad Sherman, D-Calif., during a House Financial Services subcommittee hearing earlier this year with accounting standards officials. Sherman, a CPA and the chairman of the subcommittee, is absolutely right. To most Americans, accounting is boring and appears too menial to spend time reviewing.

However, when looking at the asto...