I recently found my signed copy of the six page formal “Articles of Clerkship” way back in January 1967 as part of my effort to become a qualified chartered accountant. Today this forced period of work is called ‘in-depth accountancy training’ or a training agreement, placement or internship. After my A levels, my parents lived…
Accountants invent the fictitious position of Chief Operating Decision Maker in IFRS 8. To apply the standard, accountants must then search for the people holding this position, but only in every company preparing financial statements under IASB standards. He or she can be found by detecting managers who review operating results, regardless of their official…
The International Accounting Standard Board sprinkle their standards with the threatening phrases of ‘if, and only if’ and ‘when, and only when’. The threat though is a hollow one. What happens to an accountant who doesn’t follow their emphatic instruction? They never explain. Because there are no consequences. The champion of ‘if, and only if’…
I became suspicious in my very first read of the Endorsement Criteria Assessment [1] on page 11 when I read the term ‘holistic approach’. What is a holistic approach, I thought, as I reached for my Oxford English Dictionary? Holism is a term used in medicine, psychology and philosophy, which as far as I could…
Most accountants don’t know (and perhaps don’t care) because of Brexit the UK no longer needs to follow new standards issued by the International Accounting Standards Board (IFRS). The United Kingdom Endorsement Board or UKEB, as it is now known, was set up to “influence, endorse and adopt new or amended international accounting standards… ”…