Europe delays fair value adoption
Banks say they want the new standard in place
Banks say they want the new standard in place
European banks will have to wait to adopt a new contentious accounting rule
released yesterday in the wake of the crisis, which banks fear will make them
uncompetitive.
European finance ministers have spent the past twelve months piling pressure
on the International Accounting Standards Board to hasten the release of a new
accounting rule to value and measure assets.
Yesterday’s release of the new standard was met with delays from Brussels
which will study the new standard before it considers adoption,
The
Financial Times reports.
The move has angered banks which fear they will be put at a “competitive
disadvantage” if they are not able to start using the new rule.
The rule, based on the “fair value” principle, forces listed companies around
the world to measure their assets at market prices.
The principle was criticised during the crisis as banks valued their
financial instruments at depressed prices in stagnant markets.
Read the full story: EU delays adoption of
accounting rule changes
The numbers you crunch tell a story. Your expertis...
15yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW cited managing insurance costs, firms struggling to obtain coverage, assessing risk-taking capacity, and evolved firm structures as drivers ...
View articleThe IESBA emphasizes the importance of timely and global adoption of their standards. For corporate accountants, this means staying updated with chang...
View articleKPMG's faces record fine for a widespread exam cheating scandal, implicating senior staff and highlighting systemic ethical issues in the professional...
View articlePwC's Australia tax scandal has led to significant changes, including over 300 job cuts and the refusal to share a crucial report with Australian parl...
View articleAccountants and accounting firms play a crucial role in maintaining financial integrity, facing ethical dilemmas and regulatory challenges. Adherence ...
View articleThe creation of an effective sustainability standards infrastructure requires not only high-quality sustainability reporting and assurance standards, ...
View articleChanges will help to make accounting profession more attractive, ICAEW boss says Read More...
View article38% of firms required significant improvements, prompting the council to state Tier 2 and Tier 3 firms must "prioritise audit quality improvements and...
View article