Jim Armitage: Scandal shows perils of weird and wonderful accounts:
The chief executive says to the accountant: “How much money did we make last year?” The accountant replies: “How much do you want to make?” It's an old joke, but when a monster business like Carillion goes to the wall, it's worth rehashing. How was it that a company which a year ago was being touted by the City as a decent, well-run business in the spring suddenly finds a stonking black hole in its accounts in July? An illuminating analysis of Carillion's accounts a few weeks ago by Schroders' fund manager Andrew Lyddon suggests the weird and wonderful reporting techniques deployed by the company may be to blame.
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