ABSTRACT
Present accounting rules are not linked to any clearly specified notion of data serviceability and this is evident in three interrelated failings. First, valuation practices that have no discernible connection to decision-making processes are mandated. Second, choices in accounting method are sanctioned, meaning that the information communicated to financial statements users is not of a standard form. Third, calculations that do not yield independently verifiable magnitudes are prescribed, making the content of financial reports conditional on personal judgements. Each of these matters will be considered in turn.
