This paper discusses the issue of accuracy in published accounts, particularly in regards to valuations of assets and liabilities. The authors argue that while it is important for accounts to be as precise as possible, it is also important to recognize the limitations of these valuations. The problem is particularly acute for larger and more complex organizations, such as global financial institutions, where uncertainties in valuations can be more difficult to assess. The financial crisis highlighted the fragility of such valuations and the potential for profits to disappear quickly in changing market conditions. The authors propose a new approach to reporting assets and liabilities that shows the expected range and distribution of likely values, which they believe would make accounts more meaningful and provide a better understanding of the uncertainty involved.
