PracticeConsultingThe Big Question – FDs critical of long ASB delay

The Big Question - FDs critical of long ASB delay

Financial directors backed critics of the Accounting Standards Board this week for delaying its revised statement of principle, according to this week?s Big Question, writes Lawrie Holmes.

Asked if the delay is working against business interest, 47% of finance directors in the survey by Accountancy Age and Reed Accountancy Personnel could not make their minds up.

But 31% of those polled said the wait on the principle had produced a negative effect. Parash Samat, FD of SBJ Employment, said: ?It has been a long time in sorting the issue. Now it has been put back until later this year. The ASB is certainly at fault in this instance.?

Andrew Pearson, of Laser Lines, said: ?This statement needs to be sorted out. The delay, after previous attempts, is an embarrassment to the profession.? Several FDs were equally critical of the delay.

One accountant demanded of the board: ?Move forward and pull your fingers out.?

But many FDs felt there had been little effect on business. Others argued the time taken in making a decision would actually prove beneficial.

Brigit Pierce, the financial controller of West Middlesex Hospital, said: ?It is worth their taking the time to get it right.?

Rakish Gullet, of Churchfields, disagreed with the statement. He said: ?It will take a totally new regime to get back down to the business community they are supposed to serve.?

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