Accounting standards - pass or fail?

Swiss economic semi-weekly Finanz und Wirtschaft had a lead article (in German) by Prof. Straubhaar the other day with which I almost entirely disagreed. In short, he gave international accounting standards a fail because they amplified the financial crisis. He preferred continental accounting standards and does not even mention investor requirements. Unfortunately, this reflects much of the continental European consensus, which is why  I wrote a somewhat extensive rebuttal. This was published today.