Love and Esperanto have a new competitor. Following the an­nouncement of a US plan to adopt the International Financial Reporting Standards, the accounting framework looks like it may become a real universal language. This is welcome, but the changeover will be difficult and US policymakers will need to stand firm in defending their decision.

IFRS is a principles-based ac­counting framework. It eschews detail in favour of broad-brush rules. Although this means there are re­gional variations to IFRS, it is possible for companies working in different countries to operate according to a single accounting code. Following its adoption by the European Union, it has spread around the world.