Accountancy Body Says Financial Reporting Is A Mess

Law360, London (April 4, 2019, 3:41 PM BST) -- An accountant body has criticized rules governing how financial statements are drawn as a "bewildering mess," calling the current framework "piecemeal" and "ad hoc."

The Institute of Chartered Accountants in England and Wales has slammed the current guidance for recording financial statements as contradictory and confusing and said it is impacting the quality of audits. The comments come as the industry awaits final recommendations from the Competition and Markets Authority on how to reform the industry.

"Good financial information underpins the capital markets but the institutional framework intended to promote confidence in corporate reporting can in fact compromise quality, because of...

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