|
|
Article: Generally accepted golf scoring - a reprise.(Generally Accepted Accounting Principles)(Column)
- Article from:
- Accounting Today
- Article date:
- October 10, 2005
- Author:
CopyrightCOPYRIGHT 2005 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
It's another busy season for us with the beginning of the academic year. As a result, we're buying some time by bringing back an all-time favorite tongue-in-cheek column that sheds light on how ludicrous many important features of GAAP are.
If financial statements really are scorecards for business, reporting real outcomes, as well as sources of information for predicting the future, it's essential that they usefully describe what actually happens, instead of what someone hoped would happen.
Most everyone who plays golf engages in a little self-deception now and again to make their shortcomings a little more tolerable to their egos. Mulligans, for ...