3i FD rejects global consolidation standard
The accounting standard on consolidation could result in a completely meaningless set of numbers for venture capitalist firms, according to the finance director of the UK's biggest VC firm 3i.
The full interview with Michael Queen will appear online tomorrow
Link: Profession welcomes extension of IFRS
Michael Queen, a former chairman of the British Venture Capital Association, said that although he supported international accounting standards as a whole, he would lobby against IAS 28, the standard on consolidation.
He told Accountancy Age: ‘If you imagine we’ve got 2,200 companies in our portfolio. If we consolidated all of those, it would be a totally meaningless set of numbers.’
He said the standard was too inflexible and did not look at the reason behind the holding.