Finally, I can say when UFASS will be ready

With repeated delay, I have to keep silent about when my UFASS would be available.

Although many told me that delay is common for IT projects, yet it is not good to have such kind of happening.

The principle problem is not with the Financial Reporting Standard (SME-FRS) that I have solved long ago. Major reason is the intention to have everything acceptable to me as an user. With numerous trials for each part, I have to change a lot for each until satisfaction.

Of course, as experience told me, satisfaction has a time stamp. Perhaps the same thing will have another improvement next week. Therefore, the test must be done again and again.

Everyone may accept that there is nothing perfect forever. Yes, that is the truth.

However, any product must be usable for some periods, say, a number of years. That is what I would accept and that is what my customers would be too.

The UFASS (Universal Foresight Accounting Standard Systems) will be available for order on/about March 2007. There will be Hong Kong and Macau versions.

Account within account

From "Merck in $2.3 billion tax settlement with IRS", it seems that this huge fine may have a provision, according to the news, from 1993 to 2001. I do have the interest to know whether there is any profit from such act, but it may not be possible to have any details.

To avoid tax is nothing new, perhaps from the very first day of taxation. Of course, it depends on the size of corporation for different result. With taxation, it is usually handled in a flexible manner so long as tax would be paid.

The technique matters most and it is a game for the big ones. Most SMEs will have hardship to face the tax for a number of years because there is no provision or an account within the account.

For some, by following such practice without the required technique or conditions, all gains from years may be lost. In the worse case, there will be penalty if not imprisonment too.