A committee of the world’s financial leaders today outlined four guiding
principals that they believe should underpin the global accounting regime.
The influential Monitoring Board, which provides oversight on the framework
of global accounting bodies, said standards should be “reliable”, “relevant”,
“understandable” and “comparable”.
board, which counts among its members Securities and Exchange
Commission Chairman Mary Schapiro, has laid out core principles which it
believes should underpin accounting standards.
In a statement, the board said accounting rules should provide investors with
information to “assist them in efficiently allocating their hard-earned
“We feel it appropriate to ensure that the fundamental principles on which
accounting standards are based and under which the standard setting process
operates remain front of mind as areas identified during the financial crisis as
needing improvement are addressed”, it said.
The board went on to state that independence remains an essential component
in the development of high quality, global accounting standards.
“The monitoring board is strongly committed to guarding the independence and
accountability of the standard setting process,” the board said.
Speaking in the House of Commons minutes after triggering Article 50, prime minister Theresa May said that it was a 'historic moment from which there can be no turning back'
As part of the government’s Flag It Up! campaign, Henry Cooper, former president of the AAT, highlights how accountants can protect themselves and their businesses from money launderers
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
The SME community voices concern about the chancellor's measures in the Spring Budget