Not true. Looking at the daughter product ratios gives the initial date and isotope composition.
Not without a confrimation ...such as a hammer with an inscription that tells us that this hammer was made in Nashville, Tennessee by the Thor Iron Works on 2 August 1914 AND you've got the ironworker that made that particular hammer testifying on oath that he indeed made that particular hammer on that date.
If a rock is a billion years old... you've got to have another sample of rock that you can prove to be a billion years old. Otherwise... there is not a word of truth in it.