PracticeAccounting FirmsPwC’s Phillips warns over accounting ‘tweaks’

PwC's Phillips warns over accounting 'tweaks'

Standard setters should pay more attention to the effects of ‘tweaks’ on preparers of accounts, according to a corporate reporting expert

pwc building

PwC‘s corporate reporting
chief has warned standard setters to pay more attention to the effects of
accounting ‘tweaks’ on preparers of accounts.

David Phillips said that companies had to make wholesale changes last year to
accommodate financial instruments rules but said any amendments would put an
extra burden on companies. ‘This is not just an overlying thing, it goes
straight to the heart of companies. They had to go to a lot of effort on
financial instruments, including reprogramming entire systems,’ he said.

‘Companies [went] to all that trouble only to find out that there are more
changes further down the line because the rules are getting tweaked. More effort
should be made to get the standards right first time round.’

Phillips’ comments came as the end users of company accounts continue to put
pressure on US and UK standard setters to iron out problems. The Corporate
Reporting Users Forum, representing some of the world’s biggest investment
banks, said some changes would be ‘disruptive and costly’, in a letter sent to
the IASB and FASB.

A source close to the IASB said any changes were made as part of its annual
improvement to ease the burden on companies.

Related Articles

haysmacintyre celebrates partner promotion and additional hire

Accounting Firms haysmacintyre celebrates partner promotion and additional hire

9h Lucy Skoulding, Reporter
EY director joins Crowe Clark Whitehill as partner

Accounting Firms EY director joins Crowe Clark Whitehill as partner

4d Emma Smith, Managing Editor
RSM announces growth across every business line in 2017

Accounting Firms RSM announces growth across every business line in 2017

6d Lucy Skoulding, Reporter
WorkStyle: Helping accountants to support new contractors

Accounting Firms WorkStyle: Helping accountants to support new contractors

2w ClearSky Accounting | Sponsored
Grant Thornton grows profits while radically reshaping portfolio

Accounting Firms Grant Thornton grows profits while radically reshaping portfolio

2w Alia Shoaib, Reporter
How to protect LLP firms from a damaging team move

Accounting Firms How to protect LLP firms from a damaging team move

2w Clive Greenwood, Lewis Silkin
Grant Thornton reports gender pay gap at 26.6%

Accounting Firms Grant Thornton reports gender pay gap at 26.6%

4w Alia Shoaib, Reporter
5 ways to adapt your accounting services for millennial clients

Accounting Firms 5 ways to adapt your accounting services for millennial clients

1m Receipt Bank | Sponsored