The Generally accepted accounting principles ensure that no profit is anticipated while all losses are provided (principle of conservatism) That makes the report absolutely boring. But you had dynamic accountants who defied this old age principle by applying newer norms. For example, Interest on long term loans used for buying physical assets are now allowed to be capitalised till such time the asset is put to productive use. This overstates the profits and inflates the asset value which is depreciable. This was started by Reliance group of companies who were and still are ruling the Mumbai stock Exchange through a cartel of brokers.

Then Harshad mehta, took the stock market by storm- leading a cartel of bulls who inflated stock indices at his will. Even economists of repute took lessons from him while Finance Ministers were willing to give audience to this trickster.We had Ketan Parikh who created his own K-10 stocks which was much more sought after indice better than Sensex or nifty. These people were the early dynamic accountants.

then followed a group of specialists who invented derivative products over an underlying asset to create liquidity to illliquid stocks. Then went the bubble which made many so called investment bankers running for cover and filing bankruptcy petitions.

it is surprising that despite GAPP, IAC and similar watchdog bodies, some tricksters always take systems for a ride to make quick buck and bring down a market to a nadir