.. the best possible financial accounting should be complemented by reporting the primary nonfinancial indicators of the earning potential of a firm. Such indicators are typically industry specific and may best be developed by the relevant trade association.
The market value of most contemporary firms is a multiple of the book value, and many types of changes can affect the market value of a firm, for better or for worse, that are not reported on the balance sheet. The major challenge to accountants now may be to develop the types of nonfinancial indicators of earnings potential that are most useful to both managers and investors.
One lesson learned from the financial crisis is that each stock exchange should be allowed to set the accounting standards for corporations listed on that exchange.