> regulating agencies for accounting happy That is not really what the accounting standards are for. The people that need to be kept happy are the users of the

> regulating agencies for accounting happy That is not really what the accounting standards are for. The people that need to be kept happy are the users of the accounts. The standards are there to stop me misleading, or defrauding them. Here is a list of some users of my accounts: Managers: need to know how their business unit is performing so they can take action Shareholders: need to know how the directors are managing their money Banks: I borrow money from them, and they want to see that I can pay it back Tax authorities: I collect sales tax for them. I collect payroll taxes for them. I have to pay taxes on my profit Creditors: I need suppliers to advance me credit. They need to work out the risk of giving it to me. Employees: before I joined the company I wanted to know it was solvent Imagine how I could manipulate them if there wasn't a standard way of communicating the accounts.