In this Take 15 conversation, Joel Litman discusses the role that accounting standards have in distorting credit analysis and what needs to be done to improve the situation. He also explores whether credit rating agencies have improved their analysis since the global financial crisis, what good credit analysis says about the credit outlook, and what the risks and opportunities are.

The Take 15 Series is a collection of illuminating, short conversations with noted economists, best-selling authors, leading researchers, and successful practitioners on topics ranging from geopolitics and whistleblowing to irrationality and outlooks.