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If the shoe fits...

01 December 2005 / Liesl Fichardt
Issue: 4036 / Categories: Comment & Analysis

LIESL FICHARDT considers the documentation that will be necessary to comply with the transfer pricing legislation.

LIESL FICHARDT considers the documentation that will be necessary to comply with the transfer pricing legislation.

IN THE BOOK Capital The Story of Long-Term Investment Excellence reflecting on the growth of one of the world's most successful investment management companies the author Charles D Ellis refers to an incident of a simple shoebox. The shoebox contained important securities documentation. It nearly caused the collapse of the Bank of America. He writes: 'The shoebox was stuffed with papers that were essential for the Bank to maintain accurate records … the Bank was clearly in crisis literally drowning in a sea of paperwork. And like a drowning person the bank threatened to take others … down with it'.
This incident reminds one of the importance that records and documentation can play in a business. It also demonstrates how potentially destructive the failure to...

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