Re: GAAP (was Re: Patch for serious bug in LedgerSMB 1.2.16)

[Chris Travers <..hidden..>]

The short version of my last post is that I don't like building
accounting systems where there are no clearly defined right numbers
that are supposed to come out of it.  Once we get off the basic GAAP
(FASB/IASB common ground and accepted processes),* it becomes
impossible to define exactly how the accounting program is supposed to
behave mathematically without covering new ground.  The last thing one
wants is for accounting logic and mathematics to be "innovative."

The solution is to stop thinking "I want to repost invoices" for
example, and shift this to "I want an easy way to correct a mistake in
an invoice."  The first statement will get us nowhere really fast, but
the second one is productive and we can do what is necessary to meet
that need.

Best Wishes,
Chris Travers

* Where the FASB and IASB disagree, the issues involved usually are
those which involve what adjustments are proper.  Also this is not
intended to disparage users in countries with really WEIRD rules
regarding things like tracking foreign currency gains and losses,
which are not adjustment based.  In those cases, however, local
patches are probably going to be required.