An advisory panel of investors has accused the US accounting standard setter
of losing its independence after it succumbed to political pressure over
mark-to-market accounting changes in a fiery letter.
The group said the Financial Accounting Standards Board should have fought
off pressure from politicians and lobbyists who sought special treatment for
banks with toxic assets on their books, Reuters has reported.
The panel, the Investors Technical Advisory Committee was set up by FASB to
act as a barometer for investors on accounting rules.
Members include representatives from the CFA Centre for Financial Market
Integrity and analysts from Moody’s Corp, Standard & Poors, Sachs & Co,
JP Morgan Securities and the California Public Employees’ Retirement System.
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
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
Long-serving PwC director Fiona Westwood has moved to Smith & Williamson and stepped up to partner