As if Enron never happened…
Although TS admits to partaking in the odd bit of ‘creative’ accounting – such as booking a booze-up with mates as client entertainment on the expenses form – it seems we are still way behind our corporate counterparts
Take Japanese cosmetics company Kanebo, which inflated sales and under-reported expenses on a massive scale between 1995 and 2003, according to the new management. Now where have we heard that before?
TS may have been buying the rounds at the local for far longer, but it must admit that it is yet to match the Kanebo folk when it comes to sleight of hand with the books. The former management team is expected to face criminal charges after sneaking around £1bn worth of fictitious sales into the profit and loss account. Now, how many Guinness and whisky chasers is that?