There will always be areas that may be improved and disagreements over the appropriate accounting treatment.
However, not to minimise the importance of these areas, it is apparent that such matters are quite specific and not endemic to the system.
This was particularly borne out during the initial two years of the COVID-19 pandemic.
During this time, the viability of hitherto solid businesses was brought into question and many previous accepted assumptions could no longer be relied upon in the midst of what amounted to a virtual economy-wide shut down, increased government economic intervention and the inability of people to move freely as required.
Under such circumstances, any structural problems with the system of financial reporting would become very apparent.
While some concerns did arise in this manner, these were quite narrow, lending support to the conclusion that the system as it presently stands is sufficiently robust to…