RegulationAccounting StandardsStarkie attack of IASB triggers further slating

Starkie attack of IASB triggers further slating

IASB standard setters come under further slating following an attack from Michael Starkie, BP’s chief accountant

The volume and range of International Accounting Standard Board (IASB)’s
reporting standards may be consistent, but they have made published accounts
less understandable than previously, says Richard Muir-Simpson,
ACM
Catalyst
chief executive, in a to the editor of the Financial Times
today.

Applauding Michael Starkie, BP’s chief accountant ‘unreservedly’,
Muir-Simpson said the IASB ‘wishes to subjugate judgment – true and fair – and
descriptive powers to a secondary or tertiary level with theoretical accounting
dominating’.

‘That already looks uncomfortably close to US Generally Accepted Accounting
Principles (GAAP) and no one needs to be reminded of the problems emanating from
US GAAP,’ he said.

‘The vast majority of those of us who work with published accounts expect
them to be ‘true and fair’ and not written in language more normally associated
with theoretical physics.’

Further reading:

The yeas and nays of the monitoring group

BP chief accountant slams ‘unhelpful’ IFRS 2218852

Read
the Financial Times letter to the editor

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