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Article: The Spirit Of Accounting: More golf, GAAP and GAGS.(Generally Accepted Accounting Principles and Generally Accepted Golf Scoring system)
- Article from:
- Accounting Today
- Article date:
- August 18, 2008
- Author:
CopyrightCOPYRIGHT 2008 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)
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Its vacation season, and were buying some relief from the never-ending stream of deadlines by republishing our 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, its 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 example, allow them to ...