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Dead horses

Of Mike Truman's diatribe against the AAT and ATT last week ('Dead Horses' Taxation 18 January 2007 page 53) the only point that I agree with was that it would have been helpful if the Accounting Standards Board would comment on the conflicting interpretations of Application Note G and UITF 40. If I might be permitted to mix a couple of metaphors the board has handed down the tablets of stone and then washed its hands of the whole affair. It has maintained what it thought was a dignified silence but in fact by doing so it has assisted in fostering the controversy over this issue.
It was actually the Accounting Standards Board itself which said that there had been no change in GAAP as a result of Accounting Note G. In addition at least two of its project directors confirmed the...