The Role of Accounting in the Financial Crisis: Lessons for the Future

The advent of the Great Recession in 2008 was the culmination of a perfect storm of lax regulation, a growing housing bubble, rising popularity of derivatives instruments, and questionable banking practices. In addition to these causes, management incentives as well as certain U.S. accounting standards contributed to the financial crisis. We outline the significant effects of these incentive structures and the role of fair value accounting standards during the crisis, and discuss implications and relevance of these rules to practitioners, standard-setters, and academics

Folic Acid Content of Milk and Milk Substitutes

The "folic acid" content of cow's milk, as listed in the report of the Committee on Nutrition (Pediatrics, 31:329, 1963) is probably too low, as pointed out by Drs. Naiman and Oski. We would agree that these figures should be withdrawn until a more accurate assessment can be made. We are, however, less certain than they appear to be, that the L. casei assay, ascorbate-protected, will provide the information desired, i.e., the true total folate content of foodstuff biologically available to the human. For an understanding of the present situation, it is necessary to review briefly certain pertinent developments in this field.</jats:p