THE OUTGOING CHAIRMAN of the International Accounting Standards Board has defended his work and the role accounting standards played in the credit crisis on Radio 4’s Today programme.
David Tweedie (pictured) accused banks of failing to make provision early enough for failed loans, saying that this rather than the accounting standards was to blame for the near-collapse of the banking system.
Pointing to the Greek sovereign debt crisis, Tweedie warned that banks are probably making the same mistake and failing to provide for future losses, despite the likelihood that the beleaguered economy will struggle to pay back its debts.
Asked about the achievements of his decade-long tenure, Tweedie pointed to international comparability of financial reports and cross-border investment, saying companies are now able to seek Asian investment and that this is where the future lies.
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