Monday 5 February 2007

So, who have we got in the burrito?


The Economist this week referred to the City's stock of 'due diligence accountants' being 'second to none'. The Economist clearly hasn't much first hand experience of the City's stock of due diligence accountants. Nevertheless, Excel Chimp salutes The Economist.
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9 comments:

  1. Anonymous15:35

    Is it wrong that all your accounting related innuendo gives me a woody?

    ReplyDelete
  2. Tall Dog21:10

    Dear Friend,
    This is not wrong, provided that you select an appropriate treatment and apply it consistently.
    With very best wishes

    ReplyDelete
  3. Anonymous10:35

    Dear Tall Dog

    I'm afraid aforesaid treatment yields what I call 'accummulated appreciation' with a large write down imminent.

    How do I treat the resultant yield?

    ReplyDelete
  4. Tall Dog13:12

    Well, under IFRS, that would be treated as a non-recurring operational outflow, which would have a dilutive effect, depending on the treatment of the disposal.

    ReplyDelete
  5. Anonymous15:21

    What about capitalisation of the proceeds as research and development? After all in some cases the aforementioned is indeed an essential element of organic growth (also it would bolster my balance sheet considerably as I have engaged in many similar transactions in the past - primarily a function of sole trading)

    ReplyDelete
  6. Tall Dog18:57

    Hmm, I hadn't appreciated that you were such a committed sole trader.

    I see where you're coming from with the capitalisation angle. The problem is, you'd have to retain the proceeds and subject them to regular impairment testing, which would increasingly unpleasant as the months roll by.

    Although not strictly permissible under UK GAAP, I would strongly recommend the provision of a big bath immediately following the transaction, to clean up the books in a timely manner. You may have trouble getting it past the auditors, though.

    ReplyDelete
  7. Anonymous10:18

    So you're saying I should have a bath after every w*nk.

    ReplyDelete
  8. Tall Dog16:23

    Your words, anon, not mine. You might try a joint venture, although these entail considerable downside risk over the medium term (new subsidiaries are expensive and time consuming)

    ReplyDelete
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    ReplyDelete