The real life application of controversial accounting standard IAS39 is
causing some ‘illogical’ outcomes, according to a report by the Association of
The financial instruments standard, which currently appears in two forms
because of concerns at the European Commission over its impact, has caused
‘undue complications or accounting outcomes that seem illogical, confusing or
even misleading to users of the accounts’ of some of its members.
As part of its work with the International Accounting Standards Board’s
working group on financial instruments, the ACT gathered feedback from members.
It has previously expressed its support for the standard and the concept of
fair value, but is now discovering that ‘normal commercial treasury transactions
and practices give rise to accounting results that do not seem to follow the
true economics of what is being undertaken’.
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Long-serving PwC director Fiona Westwood has moved to Smith & Williamson and stepped up to partner