Banks to disclose IFRS impacts this week
UK banks to reveal IFRS impacts to an unsure market 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.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View articleThe proposed enhancements, including the focus on material misstatements arising from non-compliance, the introduction of a risk assessment process, a...
View article