Near Enough

D. R. Myddelton

Chapter 8 in Margins of Error in Accounting, 2009, pp 134-144 from Palgrave Macmillan

Abstract: Abstract Every company has its unique features and accounts can give only a very broad impression of financial position and performance. ‘Within quite wide limits it is relatively unimportant to the investor what precise rules or conventions are adopted by a corporation in reporting its earnings if he knows what methods are being followed and is assured that it is followed consistently from year to year.’ (1932 AICPA Committee, quoted in May, 1972, p. 76) In a complex world there is bound to be a substantial margin of error in accounts and we should not exaggerate their possible accuracy. ‘What generally matters is not whether a number is right or wrong, they are often wrong, but whether numbers are so wrong as to be misleading.’ (Blastland and Dilnot, 2007, p. 94)

Keywords: Presidential Election; Accounting Standard; Rugby Union; Company Account; Penalty Area (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1057/9780230595019_8

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