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Accounting is both story and science

Accounting standards are published internationally under IFRS (International Financial Reporting Standards), and in the U.S. under GAAP (Generally Accepted Accounting Principles). These standards comprise thousands of pages outlining every accounting scenario imaginable. Because of the incredible breadth of content, accountants often specialize in one area of IFRS, such as asset depreciation. An outsider may conclude that a business which follows these standards is mathematically perfect in the way it’s represented on paper - pure science.…