IFRS Foundation admits to late filings on Companies House

by Richard Crump

More from this author

12 Feb 2014

  • Comments
Companies House new logo

THE BODY responsible for setting international reporting standards has admitted that it failed to inform Companies House "on a timely basis" that certain directors had their positions at the organisation terminated.

In some instances, the IFRS Foundation, which oversees the work of the IASB, informed Companies House about the termination of its directors many years after the action had taken place. Under the Companies Act 2006, UK companies are required to notify Companies House within 21 days when directors' positions are terminated.

Paul Volcker, the well-known US economist, stepped down as chairman of the IFRS Foundation on 31 December 2005. However, documents were not published on Companies House until 7 February 2012.

Similarly, records show that Tommaso Padoa-Schioppa stepped down as a director at the IFRS Foundation on 1 November 2010, but Companies House did not publish the records until 2 February 2013.

"In a few limited cases such notifications were not provided on a timely basis," Yael Almog, executive director at the IFRS Foundation, wrote in an open letter published on the IASB's website. "In 2012, we introduced new procedures that corrected these historic anomalies and I can confirm that the list of directors is fully up to date as of 31 December 2013."

"On several occasions we have had to resubmit the same information to Companies House, while in other cases it has taken several months for the changes submitted to be processed," Almog added.

The letter was issued as a rebuttal to reports that the IFRS Foundation has a "chaotic and potentially illegal filing record" that contravened its own rules.

"I do not believe that our filings have ever been ‘chaotic'. I also make the point that the Foundation has no responsibility for UK company law, and therefore cannot have broken its own," Almog wrote.

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send

Charterhouse Accountants

Finance Officer

Charterhouse Accountants, Beaconsfield, Permanent, Full Time, £ Competitive




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.