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

PwC found negligent by US judge over Colonial Bank's $2bn fraud

Audit PwC found negligent by US judge over Colonial Bank's $2bn fraud

3w Alia Shoaib, Reporter
Deloitte South Africa investigated over Steinhoff audits

Audit Deloitte South Africa investigated over Steinhoff audits

1m Alia Shoaib, Reporter
Top 5 audit fines of 2017

Audit Top 5 audit fines of 2017

1m Alia Shoaib, Reporter
PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

1m Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

2m Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

2m Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

2m Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

2m Alia Shoaib, Reporter