Friday, 2 December 2016

UK: IFRS and UK company law

The chairman of the House of Lords Economic Affairs Committee, Lord Hollick, has written to the chief executive of the Financial Reporting Council seeking answers to four questions concerning (a) the potential conflict between International Financial Reporting Standards and UK company law; and (b) the concept of prudence: see here (pdf). The letter comes not long after Local Authority Pension Found Forum wrote to FTSE350 chairmen (here, pdf), reiterating its belief that the FRC's position (here, pdf) should be disregarded if directors were to discharge their duties lawfully in preparing accounts and making lawful distributions.

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