FSA plays down IFRS scrutiny

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

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Fiona Westwood of Smith and Williamson.