Prudence? What prudence?

Attended a course of Financial Reporting Standards. Good stuff - kudos to Asst. Prof. Ng Eng Jaun for keeping me, and a bunch of 30+ other professionals, engaged for almost 8 hours with FRS 32 and 39,

In all, a good course but I will still need to read a lot more on it and will have loads of questions.

However, I am suprised since Accounting has changed a lot. All of the concepts that I have learnt - prudence, consistency, martierialism and blah blah are now completelycompromised. OK - maybe not completely but still... Jeez... these standards almost make accounting sexy.

I am going to make a mental note to have a look at a few standards. Accounting, like Timberlake, is bringing sexy back.