Apology to HSBC

Apology to HSBC

Apology to HSBC over 17 April story ‘HSBC in disclosure dispute’

In our 17 April front-page story ‘HSBC in disclosure dispute’ we said that
HSBC’s accounting for off-balance sheet vehicles had been questioned, saying
that the bank should have put two structured investment vehicles (SIVs) worth
$40bn on its balance sheet earlier.

We unreservedly withdraw the allegation that there is a disclosure dispute
and wish to make it clear that this claim was without foundation and that HSBC
brought the SIVs on to its balance sheet at the appropriate time.

The story also quoted Company Reporting saying the bank was guilty of a
‘shortfall in disclosure’. This comment had been withdrawn by Company Reporting
before Accountancy Age went to press and should not have appeared in the
article, as Accountancy Age had been made aware that the comment had been
withdrawn.

There is no doubt or uncertainty as to HSBC’s accounting treatment of its
SIVs. In fact, HSBC’s transparency on these matters was highlighted by the
Senior Supervisors Group of worldwide financial regulators which referred this
month to the bank as a ‘leading practice firm’ for its disclosure of structured
investment vehicles.

Accountancy Age would like to apologise to HSBC for our errors.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource