I’ve been a qualified accountant for a fair few years now.
I had the pleasure of bumping into my first auditing lecturer recently. It was at a business mixer event and even though it was a long time since we last saw each other he really hadn’t changed that much.
We got talking and I reminded him of something that he told me that I’ve remembered ever since and to me is a great way of explaining what is meant by “True and Fair”. Those of you that have studied financial reporting papers will be aware of the importance of “True and Fair” in connection with financial statements.
In summary, financial statements should provide what is generally understood as a true and fair view of the reporting entity’s financial position, performance and changes in financial position.
I always remember my lecturer telling me the story of the ship’s captain that was having a problem with his first mate who was always drunk. In the end the captain wrote an official entry in the captains log saying “Today, the first mate was drunk.”
The first mate was upset about this and the next time he took charge of the ship when the captain was asleep, he wrote in the log that “Today, the captain was sober”. This of course implied that on other days the captain wasn’t sober as he was drunk.
Now, the statement “today, the captain was sober” was clearly true but I’ll leave it up to you to decide whether or not it was fair!
https://www.theexpgroup.com/wp-content/uploads/2020/06/true-and-fair.png443788Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2021-06-15 12:47:142021-06-20 05:30:22The Captain was sober, the First Mate was drunk. Was that true? Was that fair?
Most of you have probably had an interview. In fact, some of you may have had a number of interviews but a boss of one of the top companies in Australia has recently disclosed a pretty unusual way of deciding who not to offer a job to.
Trent Innes, who heads up Xero in Australia said that he will greet the person when he or she arrives for the interview and then take them to the kitchen to offer them a drink before heading to the meeting room with the drink. Even if they aren’t tea or coffee drinkers they will generally walk away with a glass of water.
He explained in the Venture Podcast with Lambros Photios that after taking the drink back for the interview “one of the things I’m always looking for at the end of the interview is, does the person doing the interview want to take that empty cup back to the kitchen?”
He explained that what “I was trying to find was what was the lowest level task I could find that regardless of what you did inside the organisation was still super important that would actually really drive a culture of ownership.”
He went on to say, “You can develop skills, you can gain knowledge and experience but it really does come down to attitude, and the attitude that we talk a lot about is the concept of ‘wash your own coffee cup’.”
That’s quite a smart move by Mr Innes as he said that attitude was the most important trait he looked for when hiring people.
He said that “Especially in a fast growth company or a start-up environment or scale up environment – you need people with a really strong growth mindset and that comes back to their attitude.”
So, how many interviewees do you think offered to take their cups back?
Perhaps surprisingly, the number of people who offered to take their cup back to the kitchen was pretty high. According to Mr Innes only 5 to 10 per cent of the interviewees didn’t offer to return their empty coffee cup back to the kitchen.
So there you go. If you’re attending an interview and you go to the kitchen with the boss to get a drink, it’s probably a good idea to offer to take the cup back.
https://www.theexpgroup.com/wp-content/uploads/2019/06/coffee-interview-1.png9441678Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2021-06-04 09:28:312021-05-24 09:52:23Best to take it back…
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