SUB-STANDARD accounting rules inflated the value of RBS assets by £25bn at the height of the financial meltdown, an expert has claimed.
Activist investor Tim Bush calculated that under the pre-2005 UK accounting rules, the bailed out bank would have held tangible shareholder assets worth £33bn – rather than the £58bn worked out using international accounting standards.
Bush, who is a member of the Urgent Issues Task Force that watches over the Accounting Standards Board, told The Telegraph the core tier one ratio for 2010 was erroneously inflated from 6% to 10.7%.
The House of Lords report into accounting practices is published tomorrow, and firms fear harsh conclusions about their role in the financial crisis.
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