Standard closes in on off-balance debt
The standard, Reporting the Substance of Transactions, has taken the accounting profession nine years to produce. David Tweedie, the chairman of the Accounting Standards Board, expects it to be controversial. He pointed out that many off-balance-sheet schemes generated significant fees for merchant banks, which sold them to their clients. 'We didn't get many Christmas cards from merchant banks this year', he said.
Previous attempts to outlaw off-balance-sheet schemes have failed because companies and their advisers have quickly found ways around the detailed rules. This standard, however, avoids setting out specific rules but instead sets out general principles and says that companies' accounts should reflect the substance of a transaction rather than its legal form.
'I have a feeling this one could be tested at the edges,' Professor Tweedie said. He said the ASB would use the Financial Reporting Review Panel - the accounting watchdog - and the committee that considers emerging issues to ensure that it is complied with.
- 1 Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
- 2 Frank Lampard equalises for Manchester City against Chelsea: how Twitter reacted
- 3 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 4 Free U2 album: How the most generous giveaway in music history turned PR disaster
Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Jennifer Lawrence leaked 4Chan sex video branded 'fake' by forum users
Gabrielle Union contacts FBI over nude 4Chan pictures leaked by 'vultures'
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£80 - 100k + Bonus: Guru Careers: A COO / Chief Operating Officer is needed to...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...