[Dowwie]

I found it a lot of fun writing a double entry system, but the fun stops when implementation is finished and the "real work" begins. Next comes a costly and risky endeavor of defining the rules governing accounting events transacted by the AIS. This is where real difficulty and liability lies. An event triggers a series of transactions that must be financially sound and sufficient for meeting the expectations of an audit. Competent, qualified people must define these rules. These rules aren't universal truths. Accounting rules aren't black and white. This lead me to imagine that it is difficult, if not impossible, to define universally-applicable accounting events across all kinds of business. With that given, Square might be able to achieve these rules exclusively for the mom and pop retail customers whose types of business transactions are very similar, but the truth of this can only be revealed by third party auditors.

So, approach this space with a healthy dose of skepticism until its been appropriately vetted and certified by third party auditors.