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.
The FRC is inviting comments from stakeholders on its proposed approach to updating FRS 102 to reflect changes in IFRS
Board members of accounting standard setter the IASB have come under fire for the size of their remuneration packages amid scrutiny of how the organisation is governed
Three former Tesco executives, including the former finance director of Tesco UK, have denied charges of fraud and false accounting in relation to a £326m accounting scandal at the supermarket
For uncontested probate cases, clients should be turning to their accountants and not their lawyers and cutting out the middle man. But why are accountants better equipped than lawyers to assist?