Ethan and Amy, who have been friends for a long time, decide to go into partnership selling a range of pet accessories. They seek advice from an accountant regarding the best system, the generally accepted accounting principles to be used in the accounting records, and the format and contents of the financial statements. The accountant replies that since the partnership will be a non-reporting entity, they can account any way they like, and include whatever they like in the reports to suit their own requirements. The partners point out that they have other business interests and would like to have some comparability in accounting and statements. As the accountant, how would you advise the partners?