In 1971, for example, the now-defunct Accounting Principles Board, in the interest of conservative financial reporting, stated that the investment tax credit should be amortized over the life of the asset for which it applies.

FORBES: Why Everybody's Jumping On The Accountants These Days

Then Kenney learned that the deal, the biggest in the company pipeline, could not be booked under generally accepted accounting principles until a contingency--school board approval--was met.

FORBES: Small Fries Know Accounting Tricks, Too

The auditing firm says that it obeyed the principles laid down by America's Financial Accounting Standards Board.

ECONOMIST: Ernst & Young sued over Lehman

The Financial Accounting Standards Board, which is responsible for developing accounting principles, does not appear to view providing investors with meaningful information as a priority.

FORBES: How GAAP Accounting Rules May Be Damaging To Investors

The Financial Accounting Standards board labored mightily to modify one of the most destructive principles of modern times: mark-to-market accounting.

FORBES: Remaining Hurdles

The Financial Accounting Standards Board, established in 1973 by the AICPA and four other professional groups to set all accounting principles, is due for some organizational changes.

FORBES: Why Everybody's Jumping On The Accountants These Days