An ongoing dispute in accounting standard setting is whether the economic consequences of standard setting can, or should, supersede the mandate in the conceptual framework for representational faithfulness per SFAC 2 (or faithful representation, per SFAC8). Which should take precedence in standard setting: (a) the attempt to portray reality in the financial statements or (b) the concern with the impact of modifying existing standards or setting new ones? How is this consistent with your notion of the need, if any, for regulation in accounting?