Apology to HSBC
Apology to HSBC over 17 April story ‘HSBC in disclosure dispute’
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 This comment had been withdrawn by Company Reporting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withdrawn.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.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn 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 resourceIn 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 resourceThe 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 resourceThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View articleThe FRC has announced Richard Moriarty as its new chief executive, replacing Sir Jon Thompson Read More...
View article