Unaccountable accounting began three decades ago. I know, because I was there when it happened. As a member of the UK Auditing Practices Committee (APC), I acted as its observer on the Accounting Standards Committee (ASC). Professional life was simpler then: ASC set the accounting standards, effectively UK GAAP, and APC set the auditing standards.

Untroubled by such fanciful notions as harmonising worldwide accounting and auditing rules, we set standards that were understood by directors and shareholders of UK companies, ensuring that financial statements were properly prepared, consistent and intelligible.