I am ashamed!!! | AccountingWEB

I am ashamed!!!

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I left school to study for an Incorporated accounting qualification many many years ago with what was then Peat Marwick Mitchell. Here I learnt the accountants obsession with "balancing" debit and credit entries, without being too concerned at what was behind the entries.

It is my view that double entry book-keeping was invented when we knew the earth was flat. Taking say £5,000,000 out of an account and spending it, on a new car, boat or whatever and then claiming this is acceptable as there is a counter entry where our children and children's children have promised to pay it back is a system which needs to fail.

I believe the impending "perfect storm" of Lehmann Bros insolvency, PIIGS, NAMA, Banks needing to refinance long term loans and downgrading of sovereign debt etc etc will cause that failure soon.

All contributions towards a better workable system will be welcome.

After leaving Peats I had a series of "adventures" before founding Heritage plc. Within nine years it was nominated USM share of the year. My "Heritage" experiences are well documented (even on Accounting Web) but if you must read the 1999 House of Commons Debate, and my 2010 reports to the All Party Parliamentary Group against Financial Exploitation.

Cbba Solutions Ltd recovers overcharges of lenders interest mainly on Libor based Loans in the property industry. It also "mentors" Guarantors where Guarantees have been or are about to be called on.

This blog is dedicated to the memory of Dr Rudi Vis MP and is meant to be some sort of apology to my grandchildren for the debt my generation has left them!