PracticeAuditIASB on collision course over IAS39

IASB on collision course over IAS39

The IASB decision to include fair value measurements for financial assets and liabilities as part of IAS39 has set the board on a collision course with companies when it holds a further public meeting to discuss the issue next February.

Link: IASB ‘always had plans to overhaul IAS39’

Companies, regulators and standards setters will meet next February to further debate the issue of measuring assets and liabilities at fair value, which critics say will cause too much volatility in the accounts and won’t represent the true picture of a company’s business.

But few hold out much hope of resolving the issue at the meeting. An executive of the European Central Bank said it supported a principles over rules approach to accounting but wasn’t hopeful the meeting would solve the stalemate.

‘In the past issues have been rarely solved by holding such a meeting,’ the Financial Times reported.

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

13h Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

6d Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor