And so we end up with, for example, the vast amount of effort that has been dedicated by the profession to accounting for derivative contracts when (let’s be honest) there is no such thing as a derivative beyond its contractual form.
It also being true that there’s no such thing as a company beyond its contractual form. Which is why it’s impossible to tax them of course.
Not that this has ever stopped Snippa.
There’s no such thing as a an LLP either, that hasn’t stopped Spud using one……….incidentally, according to his website he’s still using the LLP, how exactly is that legit given his (ex?) wife now lives elsewhere and any tangential input she had to the its operation must now be zero?
His Ineffable Dimness, The Spud.
@Jim, did his wife run off with a sprout?
One suspects the wife’s decision making was of a ‘Anywhere but staying with that tw*t another day longer’ type…………..one doubts another vegetable was the catalyst, Spud strikes me as the kind of man who puts women off men for life.
It’s not the fact that RM has all those voices in his head; it’s that they’re all so stupid. That’s the part that concerns me.
Does this mean that we can assume that Cap Potato really believes that the losses on some derivative contracts are fictional? Does he think that derivatives have no financial impact? So perhaps we should not account for currency hedges or share options…However we must show the impacts of climate change (whatever that means). Is this the moment when the guys in white coats appear?
Does this mean that we can assume that Cap Potato really believes that the losses on some derivative contracts are fictional?
Do you really believe RM understands derivatives? The difference between tax avoidance and tax evasion confuses him.
Milestones in accounting – two notable Conceptualisers
1400s
Luca Pacioli (mathematician and friar described as the father of accounting) writes the original book on double entry bookkeeping
2000s
Richard Murphy (bookkeeper, author of several turgid and grammatically unsound polemical books alleging tax evasion and renowned sniffer out of grant funding) invents sustainable cost accounting
There’s a vast array of things that are conjured out of the ether by the writing of a contract. I assume even the Great Tuber will concede that ownership of shares in a company is a “real” thing, but no-one holds physical share certificates anymore and has to trust that shares are on the books of the brokerage firm according to a contract. Nothing changes in the physical world when a stock journal entry is made except the disposition of a few magnetic domains or electronic charges on a storage device. He really is such a fucking moron it defies belief.
BiCR the vast majority of corporate transactions take place without notes and coins changing hands. Are these transactions fictitious?
@ BiCR
I hold some physical share certificates but they are *only* certificates that the company secretary did *at that time* regard me as the owner of that tiny fraction of the company (an ethereal concept as others have pointed out). That is already three steps away from any physical ownership of a physical asset. Derivatives are just one more step away (sometimes more if they are held via a counter-party).