G20: The accounting community reacts

Isn't it interesting how the accounting folk reinvent themselves? ACCA and the ICAEW opposed government clampdown on tax avoidance and have done absolutely nothing to assist it.

Michael Izza wheels out the old wheezes: "transparency and comparability are incredibly important commodities". Perhaps, he can tell us why these have remained elusive and the ICAEW's role in thwarting it.

IFAC has no mandate to make public policy decisions for any country. It is funded by the Big Four firms who are routinely involved in nasty tax avoidance schemes. Why does IFAC not put its own house in order?

They all appeal to the mantra of 'transparency' but fail to say anything about what it looks like. It is perfectly possible for companies to publish their tax returns, details of tax avoidance schemes, transfer pricing schemes and other details. They can also publish the taxes that they pay in each country and explain why despite huge economic activity in developing countries they manage to avoid taxes. The IASB, a body funded by Big Four firms and major corporations, does not ask companies to publish any useful information about tax avoidance.

The biggest problem is that the G20 statement has said nothing about the vast tax avoidance industry run by major accounting firms. These firms are inflicting death, pain and misery on many people in developing countries where the lack of tax revenues is forcing people to go without many essential things.

There is no evidence of any thought leadership from any accountancy body on the pressing issues of today.