If the shoe fits...

LIESL FICHARDT considers the documentation that will be necessary to comply with the transfer pricing legislation.

IN THE BOOK Capital The Story of Long-Term Investment Excellence reflecting on the growth of one of the world's most successful investment management companies the author Charles D Ellis refers to an incident of a simple shoebox. The shoebox contained important securities documentation. It nearly caused the collapse of the Bank of America. He writes: 'The shoebox was stuffed with papers that were essential for the Bank to maintain accurate records … the Bank was clearly in crisis literally drowning in a sea of paperwork. And like a drowning person the bank threatened to take others … down with it'.
This incident reminds one of the importance that records and documentation can play in a business. It also demonstrates how potentially destructive the failure to adequately...