The panel will see you now
Article Abstract:
The UK's Financial Reporting Review Panel has been upholding financial reporting standards since 1991. However, compliance with the standards is strictly voluntary. The Panel has no authority to compel companies to adopt them, and can only bring to court those firms with questionable reports to persuade them to make changes voluntarily. Since its establishment, 37 companies have already followed the Panel's recommendations on their own volition. Panelist Edwin Glasgow claims that the review process is not as unpleasant as it is believe to be. He stresses that the Panel is not a tribunal and that proceedings are relaxed, friendly and always fair-minded. However, some finance directors who have been requested to justify their reports before the Panel accuse it of being inflexible and too legalistic in its approach. There are also those who criticize the anonymity of the complainant.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1996
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Conflicts, resolutions and enforcement
Article Abstract:
The Urgent Issue Task Force (UITF) and the Review Panel have become instrumental in enforcing financial reporting standards in the UK. The UITF handles questions or problemson accounting standards or Companies Act provisions. The UITF has issued seven abstracts dealing with the supreme interest/premium of convertible bonds, restructuring costs, treatment of goodwill on disposal of a business, presentation of long-term debtors in current assets, transfers from current assets to fixed assets, accounting for post-retirement benefits other than pensions, and true and fair override disclosures. On the other hand, the ReviewPanel investigates violations of accounting standards. The Review Panel has investigated the inclusion of unrelieved advance corporation tax in dividend costs, reporting of exceptional items net of tax, and the non-depreciation of freehold properties.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1993
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Amendment to FRS 5: 'Reporting the Substance of Transactions': Private Finance Initiative and Similar Contracts
Article Abstract:
The Application Note F 'Private Finance Initiative and similar contracts' has been added to the Accounting Standards Board's (ASB) Financial Reporting Standard (FRS) No 5, 'Reporting the Substance of Transactions.' The amendment has been prompted by the need to clarify how the standard's requirements and principles are to be implemented in transactions carried out under the UK Government's Private Finance Initiative (PFI) and in other contracts of a similar nature. In the final version of the Application Note, the ASB has addressed the issues of separability and the determination of who has an asset of the property in a PFI contract based on variations in profits or losses. The amendment to FRS 5 takes effect immediately.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1998
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