From ACCA Technical Director Steve Priddy over at the ACCA's business blog:

Firstly, the examiner's report itself is a model of clarity. Many of my accounting colleagues find it very difficult to put pen to paper, lodged as we are in the universe of double entry bookkeeping. Yet one of the key and often overlooked roles of the accountant in business is that of translator. The vast majority of the world's population are not accountants and their hearts do not leap at the thought of financial statements. But this vast majority contribute to economic progress and economic activity. Accountants have a vital role in presenting information in a way that is easy to understand for non-accountants, that is relevant and that is error free. The examiner explains Repo 105 very effectively on pages 750 to 760 of his report.

I agree. How I wish that I could write about accounting as clearly as Valukas. And he's not even an accountant!

The rest of Priddy's article is good, too.

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Filed under: Accounting, Other blogs with tags acca, lehman, repo 105, steve priddy, transparency