Accounting Standards Board (IASB) could adopt a ‘fast track’ procedure to
respond to future financial crises, Sir David Tweedie, IASB chairman, said
He told Reuters political pressure from European leaders last month, which
allowed banks to ease mark-to-market accounting rules over a four day period,
showed the need to formalise processes, The Guardian reports. A
fast-track procedure could be added to the board’s constitution, which would be
triggered by a request from the board to the trustees. ‘We’re going to clean up
impairments,’ Tweedie said.
Also in response to the financial crisis, an advisory group has been set up
to look at the effects of financial reporting. The group will be co-chaired by
Harvey Goldschmid, former commissioner of the US Securities and Exchange
Commission, and Hans Hoogervorst, chairman of the Netherlands Authority for the
Other issues the accounting standard setters were likely to analyse included
categories such as ‘held to maturity’, and ‘available for sale’ and whether
companies could make transfers between the categories, enabling them to avoid
marking a security to market.
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
The AAT will deliver the end point assessments for the apprenticeships
The tax return deadline is looming, but the 'mad rush' isn't necessary, argues Carl Reader
The London School of Business & Finance has become the official provider of ACCA tuition materials for the PwC CEE Academy