Congress passed the Sarbanes-Oxley Act in 2001. The act attempts to ensure that the firm's financial reports accurately represent its financial condition. However, the general consensus is that accounting rules still give firms considerable leeway when preparing their financial statements. List three examples of gray areas that allow for judgment calls.

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The Answer of Congress passed the Sarbanes-Oxley Act in 2001. The act attempts to ensure that the firm's financial reports accurately represent its financial condition. However, the general consensus is that accounting rules still give firms considerable leeway when preparing their financial statements. List three examples of gray areas that allow for judgment calls.

Congress Passed the Sarbanes-Oxley Act in 2001