This infamous standard has been the subject of more complaints since its
Than Tony Blair’s had reshuffles.
Last week, we told you that corporate treasurers believe that auditors
interpret it inconsistently, which can have either a positive or, if you’re
unlucky, a wholly unpleasant effect on the balance sheet.
This week we bring you news that the standard may be creating a dangerous
confusion that could threaten their banking covenants.
This surely is not what the standard was for. The IASB cannot be deaf to such
concerns, but at the moment appears not have responded while the litany of
complaints continues to grow.
In a world overburdened with regulation, it’s hard not feel sympathy for
those struggling to implement this thing.
Perhaps its time for a little more help from the standard setters?
Gavin Hinks is editor of Accountancy Age
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