Speaking at the Association of Chartered Certified Accountants conference, Higgs said his ‘code draft had too much of a feel of regulation, prescription and needs redrafting’.
Higgs explained the code had been a rush-job at the end of a review project, which did no justice to the quality of the review itself. As a result, he said, the code came across as a hard-edged, the Daily Telegraph reported.
The Financial Reporting Council has drawn up a revised text of Higgs’ model code. The FRC text is aimed to be less descriptive and is awaiting approval of the FRC board meeting next month.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation