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Watchdog Plans Revamp of Accountants' Disclosure Rules

Law360, London (May 2, 2019, 1:29 PM BST) -- Britain's accounting watchdog has proposed updating its guidelines for accountants when they produce financial information for potential investors, which will compel them to disclose whether they believe their company's sales pitch is fair and balanced.

The Financial Reporting Council said on Wednesday that it is revising the standards that guide company accountants to reflect new prospectus rules due to come into force across the European Union in July.

The standards will force accountants to state within the circulars they hand to potential investors whether they think the document is "fair, balanced and understandable," a requirement of the watchdog's corporate governance code. Accountants...

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