IAS39 a burning issue for Dixons man

Poor Matthew Hurn, the treasurer of Dixons (sorry, owner of DSG International. After the sheer weight of paper work and red tape involved in IAS39 left him punch-drunk and staggering, he has not even been able to reap the fruits of his accounting labour.

After Hurn had documented all the group’s hedges, collars, derivatives and what not, the reams of paperwork were placed in storage just a few blocks away from the Buncefield oil depot in Hertfordshire. You may not need TS to tell you what happened next.

Since the depot, well, went up in smoke, Hurn has been unable to locate his documents. ‘They are soaked through and sitting in quarantine. I don’t know what I am going to do when the auditors come around,’ he said dejectedly. Let’s just hope the auditors believe him. TS tried a similar excuse once to get out of homework at school but only ended up with detention.

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