Sounds like the system is working then

Third, it is that the accounts that the profession produces are not fit for most purposes, precisely because they are only designed to assist those deciding whether to supply capital to a company or not, and nothing else is considered.

They’re designed to do this, they do this. What’s the problem?

That a Senior Lecturer at Islington Polytechnic does not like this isn’t a problem with the system now, is it?

14 comments on “Sounds like the system is working then

  1. Third, it is that the accounts that the profession produces are not fit for most purposes, precisely because they are only designed to assist those deciding whether to supply capital to a company or not, and nothing else is considered.

    Even by Murphy’s standards, this is a classic. It must be noted, however, that the rest of his post is classic Murphy gibberish.

  2. A nail bought by a man to be used as a nail, and which is successfully used by him as a nail is not fit to be used as a bolt by some third party?

    Oh dear.

  3. @DtP “It must be noted, however, that the rest of his post is classic Murphy gibberish”

    Like a great artist, Murphy goes through phases of gibberish. I had this down as neo-classical gibberish, somewhat influenced by his early bile phase.

    Unlike a great artist, Murphy can go through six different phases in a day.

  4. And it’s not as if this hasn’t been something the accounting profession has been discussing for ever, it was part of my training
    30 odd years ago. Part of the issue being that a lot of the complex technical stuff exists because you are dealing with complex systems and if you dumb it down too much it’s not fit for purpose anyway. The narrative is where the organisation can explain in simpler terms or use alternative focus (environmental impact stuff etc)

  5. The funny thing is, I only have to see “Third, …” at the start of the quote to know that the rest of it is going to be utter bilge.

    Is he deliberately trying to make himself parody-able?

  6. BinC –

    Not the issue.

    What Murphy wants is the sort of information that is of use only to those with an ulterior motive… Such as attempting to prove tax evasion where none exists. He’s bitching because there’s no peephole in the wall with which he can spy on the private activities of others.

    Murphy’s a born informer.

  7. Tim, IFRS are specifically designed to provide help to providers of capital; UK GAAS – which are still in use for private companies (so the vast majority of British companies) were designed to help creditors and potential creditors decide whether it was reasonable safe to supply goods on credit or whether they should demand payment in advance or flatly refuse to supply 9and, to a lesser extent, whether it was worth suing in the event of non-payment).
    Are we to believe that a member of ICAEW does not know the difference between IFRS and UK GAAS?

  8. Are we to believe that a member of ICAEW does not know the difference between IFRS and UK GAAS?

    Is that a rhetorical question?

    If not, it should be.

  9. Murphy has stated in the past that he has a couple of old clients he kept on, so as he is still practising in some sense he should be subject to CPD rules

  10. BniC

    Apols, this is pendantic, but he has to comply with the CPD rules / undertake CPD irrespective of whether he is practising.

    All members must always undertake CPD that is relevant to their income generating activity (whatever those income streams are). If he practises, then his CPD should simply be tailored to take account of that.

  11. More to the point, if he is still practising, then he’ll be under greater scrutiny from some element of a regular quality control process simply as a result of that, ie paying for and having a practising certificate.

  12. Bnic, PF and others.

    He’s not under any scrutiny. Many people have complained to ICAEW about his behaviour – myself included – but they have refused to investigate his libellous and rude behaviour and his incompetent, unprofessional opinions. They are a complete joke of a regulator.

  13. I see Spud is off to some UN conference to inflict himself on unsuspecting delegates with his views on the tax gap. I have emailed them with a link to the HoC briefing paper which ripped Spud’s tax gap figures to shreds.

    I suggest others do likewise.

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