BP chief accountant slams 'unhelpful' IFRS
Financial reporting heavyweight highlights the inertia that is affecting efforts to iron out the kinks in the reporting landscape
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.’
Further reading:
The
yeas and nays of the monitoring group