FRC chief predicts return to years of "disbelief"
Regulator promises to shine a light on spin
The head of the UK’s reporting regulator has predicted an eventual return to
the “willing suspension of disbelief” which characterised the pre-crisis boom
years.
In a letter to the Financial Times, Financial Reporting Council (FRC) chief
Stephen Haddrill said while “we may all attuned to puff and bluster at the
moment…we have seen that the willing suspension of disbelief quickly kicks in as
recession gives way to recovery.”
“Over-optimistic guff will at some point play its part again in puffing up
another bubble, and the more we all tolerate it, the faster its work will be
done,” he said.
“At the FRC, we intend to shine a light on spin when we find it, at whatever
end of the report and accounts.”
This year the FRC attacked company annual reports as cluttered and opaque.
Read the
letter:FRC
will highlight puff and bluster