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Accounting that counts: Go with the cash flow

Accounting that counts: Go with the cash flow

There is the tale of the chairman and the finance director. It is from the days when every chairman was – almost without exception – a man and as thick as the average boy from a second-rate public school. Finance directors, meanwhile, were modelled on Charles Dickens’s Uriah Heep – greasy and obsequious. The chairman says to the finance director: “What are profits this year?” To which the finance director replies: “What do you want them to be, sir?”

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