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

Where is your next client coming from?

Accounting Firms Where is your next client coming from?

12h James Noble, Propero Partners
Specialist VAT service provider joins MHA

Accounting Firms Specialist VAT service provider joins MHA

22h Austin Clark, Reporter
Grant Thornton expands financial services regulatory team

Accounting Firms Grant Thornton expands financial services regulatory team

1w Austin Clark, Reporter
Top 50+50: Revenue rises spark rankings shake-up

Accounting Firms Top 50+50: Revenue rises spark rankings shake-up

2w Emma Smith, Managing Editor
BDO strengthens Bristol team with new audit partner

Accounting Firms BDO strengthens Bristol team with new audit partner

2w Austin Clark, Reporter
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2w Alia Shoaib, Reporter
Top 50+50: Firms fall short on diversity

Accounting Firms Top 50+50: Firms fall short on diversity

2w Alia Shoaib, Reporter
Top 50+50: Big Four hold steady, shake-up outside Top 20

Accounting Firms Top 50+50: Big Four hold steady, shake-up outside Top 20

2w Emma Smith, Managing Editor