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

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