Resumen de Notes of the University of Sydney Pacioli Society.

Graeme Dean

• This article introduces the topic to be covered in more depth by Justice Neville Owen at the University of Sydney Pacioli Society Meeting to be held on October 14, 2003, which will focus on accounting laws. It is argued that effective corporate governance have the capacity to change the financial data presented in corporate financial statements. And that the complexity of transactions and structures of doing business involving corporate groups were a factor in the new millennium 'crisis' in business and accounting. Tension between the separate legal entity and enterprise principles at law commonly exists in corporations. The law related to corporate groups and the consolidation accounting for them seems to be a long way from meeting the commonsense goal proposed by Alfred North Whitehead. If commonsense had prevailed after the spate of failures and reforms following the inevitable inquiries, then perhaps simplicity rather than complexity would be the norm in how corporates are allowed to structure their organizations.