A peak banking group has voiced its opposition to the expansion of fair value
accounting in the US.
The American Banking Association (ABA) said it is ‘deeply concerned’ about
the US standard setter’s plans to expand fair-value accounting to loans and
other securities, news agency Reuters reports.
The move would force banks and other US financial institutions to value loans
on their balance sheet at their present market value.
At present they only need to value traded securities, such as stock holdings
or real estate at fair value.
In a statement, Donna Fisher, the ABA’s senior vice president of tax,
accounting and financial management, said she supported the fair value method
for ‘actively traded’ assets, but was concerned about their application for
‘What the accounting boards are discussing now would be the biggest
accounting change we’ve ever seen,’ she said.
Read the full story:
accounting board mulls expanding mark-to-market
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
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Engineering and technology executives have voiced concerns over the government’s industrial strategy and the need to fill the R&D funding and long-term investment gap in a post-Brexit Britain