Greener grass above, minefield below

Article Abstract:

Many accounting firms have expanded into the field of computer consultancy for clients, trading on their familiarity with the commercial activities of specific businesses. Often, accountant firms do not appreciate the needs of a business beyond bookkeeping, do not fully understand the computer business, and offer biased, self-serving advice. Additionally, many firms have a financial interest in the products they advise clients to contract for, having set up subsidiaries to offer computer hardware and software. It is necessary for the field of accounting to keep its unbiased reputation and avoid conflicts of interest, and accountants should focus on accounting and avoid peripheral consulting where financial self-interests are involved.

Financial services industry, Accounting and auditing

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Disclosure in the financial statements of banks and similar financial institutions

Article Abstract:

The International Accounting Standards Committee's exposure draft 34, Disclosure in the Financial Statements of Banks and Similar Financial Institutions, is presented. Areas covered by the statement include: accounting policies; contingencies and commitments including off balance sheet items; and concentrations of assets, liabilities, and off balance sheet items.

Laws, regulations and rules, International Accounting Standards Board

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