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On January 24, 2008, Société Générale posted a loss of close to 5 billion euros, said to stem from the misconduct of a trader who had made unauthorized transactions. The company has since published its financial reporting for the period, and also for the first quarter of 2008. It is a unique opportunity to analyze how accounting standards are put into practice for such an uncommon event. But far from being only a description of accounting for errors in practice, it also shows how accounting concealed some aspects, even when trying to display a true and fair view of the event. Those limits stemming from the implementation of standards in such an environment raise the question of the sheer possibility and even the opportunity for transparency in financial reporting.