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Aact

In: Business and Management

Submitted By bakushka123
Words 1210
Pages 5
A single set of global accounting standards, rules to be followed by any public company as it reports annual operating results, has become the Holy Grail of Accounting. In today’s world, these rules are embodied in International Financial Reporting Standards. Unfortunately for many good but unwitting people, advocating the U.S. adoption of IFRS is a fool’s errand. To more fully understand the ramifications of this statement let’s turn to the dictionary for a basic frame of reference.

Grail [greyl] –noun (from dictionary.com)

Also called Holy Grail. a cup or chalice that in medieval legend was associated with unusual powers, esp. the regeneration of life and, later, Christian purity, and was much sought after by medieval knights: identified with the cup used at the Last Supper and given to Joseph of Arimathea. Informal. any greatly desired and sought-after objective; ultimate ideal or reward.

Can we adapt the word’s definition to fit into the context of accounting? You beta.

Holy Grail [greyl] of Accounting –noun (The Summa)

Universally adopted set of global accounting standards that in modern urban legend is associated with unusual powers, esp. perfect transparency in corporate financial disclosure, universal comparability, ethical business purity, optimal investor returns, cross national and international economic stability, and is much sought after by various economists, politicians, governmental regulators, large audit firms and executives of large multinational corporations. A greatly desired and sought-after objective; ultimate ideal or reward. Accounting ideal that is unsupported by any accounting theory.

The Holy Grail of Accounting is what is known as a fool’s errand.

Fool’s errand –noun (from dictionary.com)

A completely absurd, pointless, or useless errand.

The American Heritage Dictionary defines a...

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