CFO for US Inc

John Kay also has problems with Alan Greenspan, or more accurately the entire approach taken to national accounting in the US. He reckons that aggressive accounting could make up all of the so-called productivity miracle in the US.

“USA Corp capitalised much of its software expenditure, revalued that expenditure at the highest price it might ever have paid, calculated its profits without any depreciation of revalued assets and announced stunning results to its investors on the basis of these assumptions.”