A top EU official has attacked the international accounting standard setter
suggesting its governance needs a complete overhaul.
Reuters reports that Eddy Wymeersch, chairman of the European Securities
Regulators (CESR), questioned whether there was enough accountability at the
Reuters quotes Wymeersch saying: “I can remind you the CESR thought it should
be in the monitoring group but that did not take place. In my view, this has to
be drawn up again and start from scratch.”
Wymeersch was speaking at a meeting of the European parliament’s economic and
monetary affairs committee.
The EU is yet to endorse the IASB revamp of fair value accounting led by
chairman Sir David Tweedie. It is understood that some countries, including
Germany and France, believe reforms do not go far enough in restricting the use
of fair value accounting.
Fair value has been under attack since the beginning of the credit crunch
with top businessmen and politicians blaming the accounting principle for the
massive write-downs that took place across many financial services institutions.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day