BoE’s Haldane calls for separate rules for banks
Current international reporting standards are falling short for banks
Current international reporting standards are falling short for banks
THE BANK OF ENGLAND’S Andy Haldane has called for separate accounting rules that properly recognise banks’ assets and liabilities.
Haldane, executive director of financial stability at the BoE, argued that current international reporting standards are falling short.
“To provide point valuations of banks’ assets, as at present, is to ask auditors to pin the tail on a boisterous donkey. It risks giving a hit-and-miss evaluation of banks’ underlying solvency position,” Haldane wrote in article for Economia magazine.
“It is in the interests of auditors, as much as banks, their investors and regulators. Looking again at accounting rules for banks is part of a lasting solution.”
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceIFRS 16 is fully effective for accounting periods beginning on or after 1 January 2019 and brings about significant changes for lessee accounting - by...
View articleProfessor Richard Murphy argues that IFRS accounting is inappropriate in the era when we are tackling the climate crisis and must be replaced Read Mor...
View articleThe incoming IFRS 17 insurance accounting standard is an “opportunity” for accountants to highlight their value to their companies, according to Moody...
View articleMoody’s Analytics has added new accounting and reinsurance capabilities to their RiskIntegrity IFRS 17 solution. These new features are intended to he...
View articleJohn Kuett, vice president of European Lease Accounting at Lease Accelerator provides an essential update on IFRS 16 Read More...
View articleCraig Gillespie, Business Area Director for Real Estate at Trimble details the implications of the new rules Read More...
View articleLife is full of surprises – some good, and some not so good. From an accounting point of view, surprises are generally best avoided. This is not...
View articleNew lease accounting standards come into force at the start of next year which will fundamentally change how companies can report off-balance sheet fi...
View article