Abstract
Events in the US over the last year will have a long lasting effect on corporate behaviour and the accounting profession. A major part of the problem clearly stems from what many analysts, investors and indeed managers themselves believe is an undue focus on short-term earnings (the so called “Earnings Game”), which can lead to manipulation and divert attention from sustainable value creation. The rebuilding of public trust has already started, but the concern today is that we are overlooking the root of the problem — and that is keeping the corporate reporting model focused primarily on short term financial information and, in so doing, providing an opportunity for the earnings game to resurface unchecked during the next bull market.
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