Arbuthnot chairman bemoans ‘parallel universe’ of accounting

Arbuthnot chairman bemoans 'parallel universe' of accounting

Henry Angest upset at the impact of accounting rules on the private bank's results

THE CHAIRMAN of private bank Arbuthnot blamed accounting rules for contributing towards offsetting profits within the business.

Describing accounting rules as operating on a “parallel universe”, Arbuthnot chairman Henry Angest was unhappy that rules had seen losses from its securities business impact on gains within other parts of the bank, yet the sale of a quarter of its Secure Trust arm was not fully recognised in its P&L, reported the FT.

“These same accounting rules previously allowed failed banks to show huge imaginary profits on which excessive bonuses were paid out…I can only live in hope that we will return to a saner world where a spade is called a spade and where profits mean cash in the till,” said Angest.

For more companies and markets data visit the Share Price Centre

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource