The UK’s leading management accountancy institute has urged the G20 not to
take a ‘knee-jerk’ reaction to the financial crisis.
CIMA submitted a representation to the high-profile summit in which it said a
‘knee -jerk reaction could have unintended consequences,’ calling on world
leaders to maintain confidence in financial reporting by keeping faith with the
CIMA said: ‘It is important that the IASB should remain an independent
standard setter, without political interference, whilst subject to appropriate
international oversight and accountability.
Last year, the IASB relaxed fair value rules largely to avoid a larger
carve-out threatened by EU mandarins.
‘In our view, fair value accounting with appropriate disclosure remains the
most appropriate measurement model for certain financial instruments, providing
timely, important and transparent information.The current financial crisis is
principally an economic issue not an accounting one,’ CIMA added.
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
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