tag:blogger.com,1999:blog-1141932539860553199.post1112071314937566387..comments2024-03-05T10:52:24.691+00:00Comments on Mark Wadsworth: Tesco accounting fun: A new broom sweeps clean? We've seen it all before.Mark Wadsworthhttp://www.blogger.com/profile/07733511175178098449noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-1141932539860553199.post-75933763505576645292017-10-31T08:09:01.346+00:002017-10-31T08:09:01.346+00:00G, I didn't know that one, thanks!G, I didn't know that one, thanks!Mark Wadsworthhttps://www.blogger.com/profile/07733511175178098449noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-77711082996537561402017-10-30T19:13:47.203+00:002017-10-30T19:13:47.203+00:00A fellow had just been hired as the new CEO of a l...A fellow had just been hired as the new CEO of a large high tech corporation. The CEO who was stepping down met with him privately and presented him with three numbered envelopes. "Open these if you run up against a problem you don't think you can solve," he said.<br />Well, things went along pretty smoothly, but six months later, sales took a downturn and he was really catching a lot of heat. About at his wit's end, he remembered the envelopes. He went to his drawer and took out the first envelope. The message read, "Blame your predecessor."<br /><br />The new CEO called a press conference and tactfully laid the blame at the feet of the previous CEO. Satisfied with his comments, the press -- and Wall Street - responded positively, sales began to pick up and the problem was soon behind him.<br /><br />About a year later, the company was again experiencing a slight dip in sales, combined with serious product problems. Having learned from his previous experience, the CEO quickly opened the second envelope. The message read, "Reorganize." This he did, and the company quickly rebounded.<br /><br />After several consecutive profitable quarters, the company once again fell on difficult times. The CEO went to his office, closed the door and opened the third envelope.<br /><br />The message said, "Prepare three envelopes."<br /><br />Graemehttps://www.blogger.com/profile/11007306140530173428noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-58054143332471893232017-10-30T18:26:36.535+00:002017-10-30T18:26:36.535+00:00L, even if they did, nobody would read it. People ...L, even if they did, nobody would read it. People want salacious headlines.<br /><br />Kj, I'm a great believer in cash accounting. The smoothing is the suspect bit.<br /><br />Sh, your business, your rules.<br /><br />G, can you enlighten us with the three envelopes? <br /><br />JH, the point is, doing that is fine provided you do it consistently. Tesco receive so many relatively small payments each year that it all averages out.Mark Wadsworthhttps://www.blogger.com/profile/07733511175178098449noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-19750862593361270342017-10-30T15:43:40.174+00:002017-10-30T15:43:40.174+00:00"flattering their profit figures by treating ..."flattering their profit figures by treating advance payments of rent for shelf space as earned in the year it is received/agreed"<br /><br />As one does of course.James Highamhttps://www.blogger.com/profile/14525082702330365464noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-27670307467253529682017-10-30T09:27:03.868+00:002017-10-30T09:27:03.868+00:00Surely everyone knows the 3 envelopes joke Surely everyone knows the 3 envelopes joke Graemehttps://www.blogger.com/profile/11007306140530173428noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-32473786288704438042017-10-29T16:57:51.157+00:002017-10-29T16:57:51.157+00:00I couldn't possibly comment....... :wink:I couldn't possibly comment....... :wink:Shineyhttps://www.blogger.com/profile/13281261419328886986noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-79668177983798966242017-10-29T10:00:42.491+00:002017-10-29T10:00:42.491+00:00Also notice that the auditors of a multinational c...Also notice that the auditors of a multinational choose to ignore obvious breaches of accounting principles.Kjhttps://www.blogger.com/profile/13530243002915410700noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-35132604572347952032017-10-28T19:10:11.050+01:002017-10-28T19:10:11.050+01:00This is not even tiresome. It really just reveals ...This is not even tiresome. It really just reveals the shallow ignorance of journalists too lazy to investigate join the dots and do the numbers.Lolahttps://www.blogger.com/profile/04586735342675041312noreply@blogger.com