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December 2008 » Accounting Implications of the...
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William M. VanDenburgh, PhD, and Philip J. Harmelink, PhD, CPA
During the late 1990s, it was common to hear that when it came to new internet companies, earnings did not matter. The technology bust in the early 2000s should have put that claim to rest, but the succeeding housing boom of 2002 to 2007 was fueled by a similar kind of apathy—in this case, homeowners' earnings “didn't matter.” For non-income verification home loans to become an acceptable industry standard requires a blatant disregard of basic accounting and auditing fundamentals. Some of the largest U.S. financial companies failed to recognize the risk of overlooking accounting fundamentals.
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