While the accounting profession tends to think of itself as one focused on the long term, its history of regulation and change disputes that notion. The rate, frequency and in­ consistency of regulatory and standard changes indicate a re­actionary focus to external events. Because of this frequently dramatic changing landscape, the skills needed for today’s fi­nancial executives bear little resemblance to those needed 15 years ago, and perhaps this is the major reason for such high levels of turnover at the chief financial officer level.

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