RegulationAccounting StandardsIFRS “legally flawed”, say readers

IFRS “legally flawed”, say readers

Readers vote overwhelmingly in agreement with legal opinion suggesting IFRS is not compatible with company law

THE ASSESSMENT made by QC George Bompas that IFRS has substantial legal flaws is valid, according to Accountancy Age readers.

Of the 70 readers polled, 83% agreed there are inconsistencies between IFRS and existing company law and the standards require radical change, while the remaining 17% felt the system is broadly compatible with company law.

Bompas said last month that directors must override the accounting standards in order to comply with competing legislation. 

The opinion, commissioned by an investor group, identified inconsistencies between IFRS and existing company law and suggested that directors override the accounting standards in order to comply with competing legislation.

According to Bompas, certain outcomes from the accounting standard that governs how banks provision against loan losses, are contrary to the true and fair view.

 

Related Articles

Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

3m Alia Shoaib, Reporter
Ex-RSM Tenon CEO fined; ex-FD and PwC face complaints over its accounting

Accounting Standards Ex-RSM Tenon CEO fined; ex-FD and PwC face complaints over its accounting

10m Kevin Reed, Writer
Sports Direct implements FRC corrections in annual reporting

Accounting Standards Sports Direct implements FRC corrections in annual reporting

10m Stephanie Wix, Writer
Cashflow statement improvements targeted by watchdog

Accounting Standards Cashflow statement improvements targeted by watchdog

12m Stephanie Wix, Writer
FRC expects Brexit narrative within annual reports

Accounting Standards FRC expects Brexit narrative within annual reports

1y Stephanie Wix, Writer
Former CFO joins IASB board

Accounting Standards Former CFO joins IASB board

11m Stephanie Wix, Writer
Watchdog launches audit investigation into Sports Direct

Accounting Firms Watchdog launches audit investigation into Sports Direct

11m Stephanie Wix, Writer
Record fine for Deloitte and audit partner over Aero misconduct

Accounting Standards Record fine for Deloitte and audit partner over Aero misconduct

11m Stephanie Wix, Writer