IAS 39 and its fair value treatment of hedging will make the recording of such transactions in large companies’ accounts complex and possibly misleading, according to the association. In particular it is worried about companies with a large number of subsidiaries who might have to account for each foreign exchange transaction seperately.
Companies listed on European Union exchanges will have to use the new rules, which have yet to be finalised, in 2005. The IASB is to put forward changes to the standard to the European Union next year but ACT has asked for small drafting changes to wipe out the anomaly, according to the Financial Times.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel