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26 May 2009
Accountants risk being sued into collapse and investors could lose vital information if policymakers emphasise the importance of financial stability over transparency, according to Samuel DiPiazza, head of PricewaterhouseCoopers, the Financial Times reported.
His comments come as politicians and regulators are drawing up a new framework for financial regulation to avoid a repeat of the recent market meltdown.
Many have blamed 'fair value' accounting rules for exacerbating the losses of banks by forcing them to report the value of their assets to reflect current market prices.
However, DiPazza told the FT that fair value rules helped provide transparency to investors. 'A loss of focus on transparency means the risk of litigation goes up because every time there's a failure the question will be 'where were the accountants, why wasn't this transparent'?'
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Briefings
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