BlueAnorak
Well-Known Member
- Joined
- 31 Oct 2010
- Messages
- 27,952
What a suprise (NOT).
If you apply rules that go much further than IFRS accountany rules defining who a related 3rd party is, you'd better make sure it is:
1. Legal.
2. Applied fairly.
3. Doesn't target one or a couple of specific clubs.
They haven't been. City have clearly won on this major point. Everything else is trivial.
IFRS determine international accountacy rules and these ARE incorporated into UK law. The particular issue that the PL catestrophically failed the legal test on here was who is a related 3rd party is.
If you apply rules that go much further than IFRS accountany rules defining who a related 3rd party is, you'd better make sure it is:
1. Legal.
2. Applied fairly.
3. Doesn't target one or a couple of specific clubs.
They haven't been. City have clearly won on this major point. Everything else is trivial.
IFRS determine international accountacy rules and these ARE incorporated into UK law. The particular issue that the PL catestrophically failed the legal test on here was who is a related 3rd party is.