In an interview conducted by KPMG, Jan Hommen said that the standards to be used next year are not ready and their rushed introduction ‘may confuse the markets’.
‘The French have objected to the financial instruments standard,’ said Hommen. ‘There is a very ambitious timetable. The European Commission has become involved. The Americans are saying “follow us or we will not agree”. All the standards are not ready. When people realise the effect on, for example, pensions, they will also object.’
This catalogue of difficulties will, according to Hommen, lead to ‘confusion in the financial markets as to whether people are reporting under local GAAP, international accounting standards, or US GAAP.’
He also warned that analysts ‘understand little about international accounting standards’ and are ‘not ready to see the changes which are coming’.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016