Mark-to-market Accounting: 'True North' in financial reporting

This thought-provoking and immensely readable collection of articles, speeches and letters by Walter Schuetze, one of the world's most distinguished accounting practitioners, is a work for our time.
In the wake of the largest surprise corporate failures and retrospective financial restatements in corporate history, Walter Schuetze, and Peter Wolnizer (as editor) turn their attention to what they call the syndrome of 'Enronitis'.
They contend that they unheralded collapse of companies such as Enron and WorldCom in the USA, and HIH Insurance in Australia, shows the failure of conventional accounting and auditing practices to provide high quality financial information for investors as intended by law. It is little wonder, therefore, that public confidence in financial reporting, auditing and corporate regulation is at an all time low.
This book argues that it is time to base financial reports on up-to-date prices– current selling prices for assets and current prices for liabilities–and to disclose the details of those who provide the market price data.
In this strongly practical case for Mark for Market Accounting, the authors demonstrate how such a regime would put a stop to earnings management, and establish a firm financial foundation for corporate governance and independent auditing. Providing nothing less than "True North" in financial reporting.
This book will be essential reading for advanced students and academics within the field of accounting.