Chapter 9Is Information an Asset?
At 10 a.m. on Wednesday, July 19, 2000, five distinguished gentlemen filed into the chambers of the U.S. Senate committee on banking, and proceeded to obliterate the tenets of our antiquated accounting system. They included the chairman of the American Institute of Certified Public Accountants (AICPA), a major accounting firm senior partner, a professor of accounting from New York University, and others.1 Even the name of the hearing didn’t soft-pedal what this was all about: the Hearing on Adapting a 1930’s Financial Reporting Model to the 21st Century.2 One after another, the experts lambasted the accounting profession for its abject failure to keep up with changes in the global economy. These changes, they ...
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