The head of the UK’s financial watchdog will be quizzed on whether banks
should have tighter controls, when he appears at parliament today.
Lord Adair Turner, head of the Financial Services Authority (FSA) will speak
on how the banking industry might me changed, in the wake of the crisis, and
possibly changes to financial statements.
It comes a month after Turner appeared at the ICAEW to argue for a third line
or through-the-cycle measure which would force banks to save money in the good
times, to compensate for the bad.
Banks would put save money according to what stage they are judged to be in
the economic cycle.
The idea is being viewed with caution by accountants. Since the crisis
accounting standard setters have been guarding against the pollution of accounts
with regulatory data.
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
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