David Cule, principal at actuarial firm
Punter Southall ,
has criticised the UK Accounting Standards Board (ASB) for not resisiting the
IASB’s attempts to introduce fair value accounting earlier.
In a letter to the FT
Cule said the
ASB had made a radical
change to pensions by introducing the fair value premise in the pension scheme
standard FRS17, a move which had compromised the long term quality of pensions.
‘The consequent behavioural changes from making these liabilities debt-like
and volatile – without the same degree of volatility being applied to all other
accounting entries on the corporate balance sheet – has ensured that the
provision of high-quality pensions has been substantially reduced,’ said Cule.
‘What goes around comes around.’
Does Darwin's theory apply to taxation? Colin ponders...
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 EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states