Promotion of Accounting Reform as the most effective Pathway to a Fairer Safer and more Prosperous Society. Comment and Support from all quarters is Sought to straighten out NZ's problem

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January 2008 Edition ---- to page back through Previous Editions click here

2008 dawns very grim. We have lot our primary mountaineering hero and there are no accounting heros. We condemn unconditionally the members of the New Zealand Securities Commission for its 25 August 2006 statement that the assumption upon which the 2004 Feltex IPO projected financial information was based "were consistent with the New Zealand accounting standard FRS-29 requirements for projections to be reasonable". Also of its elaboration by way of paragraph 61 of its elaboration of 11 October 2007 where it claims that the assumptions represent a largely no change scenario. There is noting "no change of adopting a 1% p.a. increase in total market sales on top of the high 2003 figure when the pattern of sales showed that there would be a 7% fall to 2005. Also a 1% increase in Feltex's sales due to increased market share is not "no change" when the company had been losing about 5% of sales annually because of reduced market share.

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Case studies of ICANZ coverups

1 ACC Annual Accounts

2 Ernst and Young report to Dairy Co shareholders

The scandalous Audit Cert of the 1990 BNZ annual accounts - Take a Look from Here And then learn about the Securities Commission here who reported on the affair. We also background the role of the Institute of Chartered Accountants of NZ in ignoring the affair. It might go back 10 years but many players still maintain high office, collectivly protecting themselves at the expense of others.

Structure and Operation of an alternative Accounting Organisation designed to shun dishonesty.

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