Ian Plaistowe, APB chairman, said: ‘There are signs that the disease is coming to the UK. In the US, 464 sets of financial statements have had to be restated in the last three years.’
Wrong accounting, explained Plaistowe, is a result of pressures on directors; including tactics to stretch company earnings to match expectations and to understate profits to reduce tax liabilities. Changes in remuneration packages are also a factor. Directors’ and management incomes are linked to results.
Full story at www.accountancyage.com/Practice/1122437.
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