One frequent claim used to calm fears in the recent market turmoil has been that "corporate balance sheets are in good shape". Judging from the published accounts of companies the claim is justified; judging from national accounts it is not. This marked divergence depends on the different conventions used. In broad terms, national accounts assume that assets are worth their cost of production, adjusted for inflation, after a deduction for depreciation, while corporate accounts seek to allow for market prices whenever -possible.

The difference in the apparent weight of corporate debt as shown in different sources has become much stronger in recent years for three -reasons.