BusinessCompany News3i FD rejects global consolidation standard

3i FD rejects global consolidation standard

The accounting standard on consolidation could result in a completely meaningless set of numbers for venture capitalist firms, according to the finance director of the UK's biggest VC firm 3i.

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.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor