Studying the effect of tightening accounting standards on earnings management and the quality of financial information is a very relevant topic both from a policy and an academic point of view. The paper by Ewert and Wagenhofer (2005) is an impressive contribution in this domain. This paper shows that their approach can be made even more appealing by applying optimization techniques without requiring any distributional assumption and by modeling more realistically the effect of real earnings management on the firm’s value. Under these very acceptable conditions, it is then shown that tightening accounting standards leads to increasing the value relevance of reported earnings, reducing the reported earnings variability, increasing expected real earnings management, and decreasing both accounting and overall earnings management.