diff --git a/hledger-lib/Hledger/Read/JournalReader.hs b/hledger-lib/Hledger/Read/JournalReader.hs
index fc1cf7d0d..ac9aa39cf 100644
--- a/hledger-lib/Hledger/Read/JournalReader.hs
+++ b/hledger-lib/Hledger/Read/JournalReader.hs
@@ -295,19 +295,19 @@ journalAddFile f j@Journal{files=fs} = j{files=fs++[f]}
 
 accountdirectivep :: ParsecT [Char] JournalContext (ExceptT String IO) JournalUpdate
 accountdirectivep = do
-  string "account"
+  (try $ string "apply" >> many1 spacenonewline >> string "account")
+    <|> string "account"
   many1 spacenonewline
   parent <- accountnamep
   newline
   pushParentAccount parent
-  -- return $ return id
   return $ ExceptT $ return $ Right id
 
 enddirectivep :: ParsecT [Char] JournalContext (ExceptT String IO) JournalUpdate
 enddirectivep = do
   string "end"
+  optional $ many1 spacenonewline >> string "apply" >> many1 spacenonewline >> string "account"
   popParentAccount
-  -- return (return id)
   return $ ExceptT $ return $ Right id
 
 aliasdirectivep :: ParsecT [Char] JournalContext (ExceptT String IO) JournalUpdate
diff --git a/hledger-lib/hledger_journal.5.md b/hledger-lib/hledger_journal.5.md
index 2f00c5270..6e0a36755 100644
--- a/hledger-lib/hledger_journal.5.md
+++ b/hledger-lib/hledger_journal.5.md
@@ -596,10 +596,10 @@ $ hledger print
 ## Default parent account
 
 You can specify a parent account which will be prepended to all accounts
-within a section of the journal. Use the `account` directive like so:
+within a section of the journal. Use the `apply account` directive like so:
 
 ``` {.journal}
-account home
+apply account home
 
 2010/1/1
     food    $10
@@ -608,6 +608,8 @@ account home
 end
 ```
 
+(`!account`, `account`, and `end apply account` are also supported).
+
 If `end` is omitted, the effect lasts to the end of the file.
 The above is equivalent to:
 
diff --git a/site/manual.md b/site/manual.md
index 89495ed6d..7ea7d20bb 100644
--- a/site/manual.md
+++ b/site/manual.md
@@ -711,10 +711,10 @@ $ hledger print
 ##### Default parent account
 
 You can specify a parent account which will be prepended to all accounts
-within a section of the journal. Use the `account` directive like so:
+within a section of the journal. Use the `apply account` directive like so:
 
 ``` {.journal}
-account home
+apply account home
 
 2010/1/1
     food    $10
@@ -723,6 +723,8 @@ account home
 end
 ```
 
+(`!account`, `account`, and `end apply account` are also supported).
+
 If `end` is omitted, the effect lasts to the end of the file.
 The above is equivalent to:
 
diff --git a/tests/journal/directives.test b/tests/journal/directives.test
new file mode 100644
index 000000000..f793b2e18
--- /dev/null
+++ b/tests/journal/directives.test
@@ -0,0 +1,48 @@
+# Accept three forms of the account directive
+# . !account, !end (ledger 2, hledger)
+hledger -f - accounts
+<<<
+!account a
+2016/1/1
+    (b)  1
+!end
+2016/1/2
+    (c)  1
+>>>
+a:b
+c
+>>>=0
+
+# . account, end (ledger 3 pre ?, hledger)
+hledger -f - accounts
+<<<
+account a
+2016/1/1
+    (b)  1
+end
+2016/1/2
+    (c)  1
+>>>
+a:b
+c
+>>>=0
+
+# . apply account, end [apply account] (ledger 3, hledger)
+# . now: apply account
+hledger -f - accounts
+<<<
+apply account a
+2016/1/1
+    (b)  1
+end
+apply account aa
+2016/1/1
+    (b)  1
+end apply account
+2016/1/2
+    (c)  1
+>>>
+a:b
+aa:b
+c
+>>>=0