Quote:
Originally Posted by chillibowl
its not the FIA that they would have to answer too. its the shareholders of those corporations who would want answers. they already prepare very detailed audited financials which are then scrutinized by major investors. asking them to hide costs associated with their F1 team would expose them to major crimes that would very likely land them in jail for violating their oaths as responsible corporate officers.
not saying that there aren't those that wouldn't stoop to that level but just saying that its more than the FIA they would have to answer too. F1 being a monopoly sport they would probably find themselves in an EU anti trust court and they have significantly more authority...and then the tax man will come knocking.
the framework for auditing companies is already in place at all levels of gov't. all that needs to happen is for the teams to agree on both a level and a system of penalties for violators. thats the problem and not a forensic accounting firms ability to get to the bottom of it.
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Sorry, no offence intended, but poppycock.
EU Anti trust courts??? The FIA doesn't dictate EU law. It is a non profit making charity FFS. The FIA could mandate as many "rules" as it wants, it would have no meaning to EU Law. There is nothing illegal about representing certain costs as being associated with certain activities if they pay tax on this. The tax man doesn't give a rats arse if 200 million spent on road cars engine reliability is really spent on F1 cars performance, as long as it pays the tax on it. It isn't like it's road car division is exempt from tax.
The FIA, as a charity, have no rights to demand anything from the manufacturers. Indeed, the only law that could come under question, is that of a charity demanding financial records from legal entities. The FIA is the only entity in this that could be clouted by the law.