How inflated does a currency have to be before accounts in that currency are condemned by auditors as neither true nor fair? Auditors may undertake meticulous verification work on assets and liabilities, but what use is it if the money itself fails as a measure? Inflation accounting was familiar enough to our profession 35 years ago, but it’s not history yet: the present money-printing frenzy, as a cure for the world’s debt crisis, is like trying to put out a fire with a bucket of petrol.