The European Commission has received a request from UK investors to stop
endorsing a US accounting rule that they claim will confuse companies.
The group, which includes the Investment Management Association, has written
to EC officials after its sentiments were rebuffed by the International
Accounting Standards Board, the FT reported.
The draft standard, IFRS 8, has alarmed investors, as it is set to give
executives the freedom to report results along product and geographical lines of
their own choosing.
Shareholder representatives have privately voiced their opinion that such
latitude could be exploited by unscrupulous executives to hide poor performance
or cover up results of bad strategic decisions.
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