fair value accounting Archives - Emile Woolf writes

PRUDENT ACCOUNTING – NEEDED MORE THAN EVER

Unaccountable accounting began three decades ago. I know, because I was there when it happened. As a member of the UK Auditing Practices Committee (APC), I acted as its observer on the Accounting Standards Committee (ASC). Professional life was simpler then: ASC set the accounting standards, effectively UK GAAP, and APC set the auditing standards. […]

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Banks: prudence and sanity return?

Banks’ auditors have had to deal with the absurdity of accounts failing the ‘true & fair’ test for the very reason that they comply with a flawed standard. Auditors accused of rubber-stamping defective accounts of banks should now feel some relief. The International Accounting Standards Board appears at last to acknowledge the folly of its […]

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End hypocrisy: only a culture change will achieve G-20 goals

  In the midst of G20 euphoria who can assess the effectiveness of its efforts to stabilize the economic turmoil? When the dust settles it will be people, not governments, who decide how successful the sweeping measures have been. Confidence, after all, is a feeling – and it’s beyond government control. Only when confidence returns […]

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