IT'S NOT VERY OFTEN Taking Stock gets to attend fancy shindigs at the Savoy, but when it does, it takes the opportunity with aplomb.
So imagine the surprise that spread its way through the TS desk when an invitation to the CIoT's President's Luncheon arrived. Suits were duly laundered and dusted off, and we swaggered all the way to the Strand.
To our delight, not only was there a lunch and drinks, but there was also a – admittedly small – show, when CIoT president Patrick Stevens gave what is only the second ever Council Award, to John Andrews for his work with the Low Incomes Tax Reforms Group (LITRG).
Not only is Andrews a worthy recipient of the institute's highest accolade, having both served as president of the CIoT in 1998/99 and founded the LITRG, not to mention boasting a highly distinguished career spanning more than 45 years, but he made an astonishing announcement in his acceptance speech: the death of Facts.
Facts, said Andrews, was born 2,300 years ago in Greece when Aristotle noticed that assertion must be backed up with evidence.
Since then, he said, wild opinion and baseless assertion – latterly on tax – appearing to show a tax on grannies was to be introduced, left Facts hospitalised, before eventually dying upon receipt of the news that "a coffee bean company can now set corporation tax".
All at the TS desk are deeply saddened to hear of Facts' passing, and send our condolences to its next of kin, Tax Law.
We should pick the hymns for the funeral...couldn't agree more.
Posted by: Stitch, 09 Jan 2013 | 10:43
Why is TS surprised to learn of the death of facts? We have had fair value accounting for some years now. From the entity's perspective this does not report facts, merely expectations. Some of these expected gains can be reported by banks as realised gains when they may never in fact be made. We had the death of facts years ago. When will the profession wake up to this?
Posted by: Ian Sunderland, 14 Jan 2013 | 15:58
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.