‘Obfuscation’ of accounts by suspending fair value is not the way to restore
market confidence, an investment group has said.
to the Financial Times, the chair of the CFA society’s Accountancy Advocacy
Committee Jane Fuller said: ‘The message from the investment community is that
obfuscation is not the way to restore their precious confidence.’
Fuller said the SEC’s clarification had punctured some of the myths about
fair value accounting: ‘management’s cash-flow assumptions can be used to
establish fair value and that distressed sales do not represent the “orderly”
transaction between “willing” parties required for simple mark-to-market
‘Politicians should not turn a deaf ear to what the users of accounts want
and to the regulators’ attempts to help them get it,’ she added.
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