Federation of Accountants (IFAC) has voiced strong opposition against what
it sees as attempts to radically change or suspend the use of fair value
accounting without proper due process.
The federation warns against making changes at a national or regional level
which would ‘exacerbate reporting differences’ and further confuse financial
markets, resulting in a lessening of confidence in financial reporting.
Fermín del Valle, IFAC president, said this would be ‘exactly the opposite of
what is required in current circumstances. Reducing transparency is not the
answer…and it will not serve the interests of investors’.
IFAC believes the additional guidance from the International Accounting
Standards Board (IASB) and the United States Financial Accounting Standards
Board, as well as the International Auditing and Assurance Standards Board in
its Staff Audit Practice Alert, Challenges in Auditing Fair Value Accounting
Estimates in the Current Market Environment, ‘has been very valuable and
will contribute to the public interest through more consistent application of
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Long-serving PwC director Fiona Westwood has moved to Smith & Williamson and stepped up to partner