The latest trend in accounting arises from the spate of pathetic exodus of sprinkling stars from the corporate sky around the globe. The direct and domino effect of the corporate collapses are dreadful. The neurotic curses arising out of gripped collapses remind us of the fact that there is the other side of a coin. Severity in accounting scandals and commonality in the nature of collapses have bought in a number of blessings by triggering global consciousness and consensus to root out the diagnosed disease, setting celestial attributes in the governance process, bringing harmony as well as transparency in the disclosure regime and building a strong knowledge-base through continuous education to be provided by the higher educational institutions and professional bodies. Regulatory changes, emergence of corporate governance codes, mandatory compliance with accounting standards for greater transparency and thus emergence of a new accounting order were not possible so rapidly without such a severity in the corporate ruins.