As you have seen, there is a general conflict between two financial reporting objectives. The first objective is to fit the accounting to each company’s circumstances so that the resulting reports are relevant for understanding or evaluating that company. The second is to make accounting consistent from company to company so that intercompany comparisons may be facilitated and the overall credibility of the information maintained. Write a paragraph giving your views on how important this conflict is and how (if at all) it should be dealt with.