PracticeAuditBanks to disclose IFRS impacts this week

Banks to disclose IFRS impacts this week

UK banks to reveal IFRS impacts to an unsure market this week

This week, the UK’s leading banks will present their restated 2004 IFRS accounts to a market still coming to terms with the new standards.

Link: FSA CEO steps into IFRS debate

In guidance issued towards the end of last year, most banks revealed that adjusted earnings per share would drop by approximately 5% – but analysts have expressed concern that the new figures could still cause confusion as auditors and banks grapple with the new interpretations.

‘It might not be much clearer, as I think different levels of details may be provided by some of the banks,’ CSFB’s Michael Lever told the Financial Times.

Helen Weir, the finance director of Lloyds TSB said she was not sure analysts were prepared for the changes in the new standards.

‘I’ve been talking to analysts and I’m not sure they are fully prepared for the changes as they come through,’ said Weir.

Experts have said that the interpretation of standards affecting insurance will be particularly complex.

The standard for insurance – IAS12 – affects the value of the existing book of life assurance businesses and its interpretation is still a topic of debate among auditors.

Related Articles

KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

6d Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2w Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

3w Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

3w Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

2m Alia Shoaib, Reporter
Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

Audit Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

2m Alia Shoaib, Reporter
Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

Audit Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

2m Alia Shoaib, Reporter
Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

Audit Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

2m Alia Shoaib, Reporter