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This provocative book investigates the role of accounting in the sudden collapse of companies which were apparently reaping healthy profits. Why has accounting failed to reveal companies' true financial position or warn of impending collapse? Examining a number of well-known cases from the last three decades, the authors argue that there are serious problems inherent in the system of reporting financial information. In a lively and highly readable book, the authors balance broad interpretation and recommendations for reform with fine detail of particular cases.