Accounting standards chief Sir David Tweedie has sought to clarify reports of
a study which found that accounting rules had caused confusion around M&As.
In a letter to the
David said that it was important to note that the transactions surveyed in the
report by the
Council occurred in 2008, before the current version of IFRS 3
Business Combinations came into effect.
“The revised standard addresses many of the application challenges referred
to by the FRC study. Indeed, page 11 of the FRC report acknowledges this,
stating that the revised standard ‘should lead to a step-change in the recording
of intangible assets in future audited accounts’,” Sir David said in the letter.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure