In the early 1990s, the US Financial Accounting Standards Board’s chairperson Dennis Beresford claimed that the US accounting and reporting system was regarded by many as ‘the most comprehensive and sophisticated system in the world’. Evaluate this statement. How do you think its validity might have changed in the aftermath of accounting failures at Enron, WorldCom and Andersen in 2001-02? Do you think that the US system would be regarded as sophisticated in all cultural contexts?