Sean Barrett (Independent) | Oireachtas source

Could I just have one other quote in the written submissions to us by Professor Niamh Brennan. She says at 7.13, "Accounting is highly judgemental". I'll just give you the quote if I may:

Many observers of the banking crisis will wonder how bank financial reporting turned out to be so wrong. The problem with almost all accounting information is that, while it has the appearance of precision and accuracy, it is the product of extensive subjective judgements. Most non-accountants do not understand the extent to which accounting is a matter of judgement. Bank financial statements were, with the benefit of hindsight, flawed. The judgements behind the accounting numbers were too optimistic. Specifically, receivables from customers were overstated because they did not reflect people’s inability to repay their borrowings which subsequently came to light.

How would you react to Professor Brennan's submission to us?