The End of Accounting and the Path Forward for Investors and Managers
Summary:
The book critiques the current financial accounting system, arguing that it fails to provide relevant information for investors and managers to make informed decisions. It proposes a new model that emphasizes forward-looking measures and intangible assets to better reflect the true value and performance of modern businesses.
Key points:
1. Outdated Financial Statements: Lev and Gu claim that balance sheets and income statements are less useful today because they don't capture the value of intangible assets like intellectual property, which are crucial in the modern economy.
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