One idea that Mr Monti is keen on, however, is to harmonise the accounting methods used to calculate taxable profits.

ECONOMIST: European tax harmonisation

Skeptics note that among the flaws inherent in such stock picking methods are shaky accounting data and the need to guess at things like required returns on capital and decay rates.

FORBES: Somewhat Cheap

The confrontation between the accounting profession and its critics has two distinct but related rounds: Round One is over accounting principles--the rules specifying acceptable methods of measuring company finances.

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

And note that this is the situation among companies that have already adopted proper accounting methods.

ECONOMIST: Worse to come

Unfortunately, an often overlooked aspect of the pension gap story makes matters even worse: Governments use accounting methods that have consistently understated pension funding gaps in both good times and bad.

FORBES

This rise in prestige has been mirrored by a revamp of undergraduate business programs, with the top ones increasingly resembling MBAs thanks to an emphasis on the rigorous study of economics, statistics and accounting and MBA-like teaching methods using case studies and team exercises.

CNN: Starting out young

Among other things, the AICPA's commission will propose that auditors narrow management's traditionally wide discretion to choose alternate accounting methods.

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