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12 Jun 2008
BP's chief accountant has hit out at accounting standards setters in one of the most scathing attacks by a senior figure to date.
The situation was so grave in Michael Starkie's opinion that he called for the International Accounting Standards Committee's Foundation to overhaul the board of the IASB in a letter to the FT.
Starkie, chairman of the CBI's Financial Reporting Panel said that no improvements had been made to international financial reporting rules in the lat few years as the current body of IFRS was 'so unhelpful for markets.'
'The International Accounting Standards Board continues to develop an accounting model about which users of financial information have grave misgivings.'
Starkie put particular emphasis on the flaws of mark-to- model valuations which he said were not 'relevant for a market trying to assess the economic performance and position of companies that have the intention of continuing to operate as a going concern.'
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Briefings
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