3i FD rejects global consolidation standard

The full interview with Michael Queen will appear online tomorrow

Link: Profession welcomes extension of IFRS

Michael Queen, a former chairman of the British Venture Capital Association, said that although he supported international accounting standards as a whole, he would lobby against IAS 28, the standard on consolidation.

He told Accountancy Age: ‘If you imagine we’ve got 2,200 companies in our portfolio. If we consolidated all of those, it would be a totally meaningless set of numbers.’

He said the standard was too inflexible and did not look at the reason behind the holding.

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