TS knows what a difficult job IASB chairman Sir David Tweedie has. Imagine BP chief executive Lord Browne taking a swipe at your standards, and analysts whining about IAS39 week in and week out.

As tough as Sir David’s role is, though, there is still one job the standard-setting chief is keen to avoid. Sir David, you see, is a Newcastle United fan and was recently asked whether he was considering taking over from ousted manager Graeme Souness.

Wisely, TS reckons, Sir David declined. After all, the Geordies haven’t won a trophy since 1969 when they beat the mighty Ujpesti Dosza. Fair value accounting and embedded derivatives seem like a walk in the park when compared with trying to win another trophy for the Toon Army.