RegulationAccounting StandardsFSA plays down IFRS scrutiny

FSA plays down IFRS scrutiny

City watchdog will only respond to specific concerns

The Financial Services Authority has played down reports that it is
monitoring the presentation of IFRS statements, since the first interim reports
under the new accounting regime began to appear.

Responding to a Financial Times report that the city watchdog is
scrutinising the presentation of reports as analysts warn of confusion due to
the difficulty of comparison, an FSA spokesman told Accountancy Age:
‘We are not going to look at every set of interim accounts, we have not the time
or resources to plough through those figures.

‘Obviously, there are requirements on companies to be fair and not
misleading, to be clear in what they are presenting as their figures. If we had
particular issues brought to our attention then that is something we could look
at in our role as the listing authority.’

The Financial Reporting and Review Panel will also be proactively looking at
the interim statements of companies reporting under IFRS for the first time to
ensure fair presentation of the figures.

The body has already stated that it will be concentrating on the reports from
five key industries this year: automobile, retail, transport, utilities and
pharmaceutical.

Related Articles

Demystifying GDPR for accountants

Accounting Standards Demystifying GDPR for accountants

2w Ellen Temperton, Lewis Silkin
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
The great professional services shake-up

Accounting Standards The great professional services shake-up

3m Fergus Payne, Lewis Silkin
What do clients actually want from an accountant?

Accounting Standards What do clients actually want from an accountant?

4m Emma Smith, Managing Editor
Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

Accounting Standards Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

5m Alison Conley
Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

5m Alia Shoaib, Reporter
The real price of mates' rates in the provision of professional services

Accounting Standards The real price of mates' rates in the provision of professional services

5m DAC Beachcroft
IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter