A standards body tasked with reviewing fair value guidance in the wake of the
credit crunch has announced that it does not require an overhaul.
The group was put together through the International Accounting Standards
Board in an effort to confer on how best to resolve the question of valuations
of hard-to-price assets whose markets have become inactive.
The experts said large banks had understood and applied the rules well while
smaller ones were inexperienced in valuations during crisis periods.
Several investment banks slammed the rules which they say exacerbated the
credit crisis, with more than £250bn wiped off balance sheets since the crunch
began in the fourth quarter of last year. The IASB has also issued a draft
report of a summary of the panel’s views.
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Long-serving PwC director Fiona Westwood has moved to Smith & Williamson and stepped up to partner