Answer
If I was given complete authority, I would enforce Generally Accepted Accounting Principles (GAAP) by establishment of an Accounting court. Over the years, people have manipulated accounting principles and used them for their own selfish benefits, because there is basically nothing anyone can do. However, establishment of an accounting court will bring about consequences such as fines, which will deter organizations from manipulating accounting principles.
Work Step by Step
In 1957, Leonard Spacek proposed the same idea because according to him, accounting had become a game of “massaging numbers.” This idea appears to me as the only remedy to misrepresentation of assets with malicious intentions such as accessing financing.
