Via ConservativeHome’s Platform: Steve Baker MP: Accounting has never been so exciting:
There is a growing awareness that one of the main contributors ā if not the main contributor ā to the severity of the financial crisis was the system of accounting rules under which UK banks continue to operate. In particular, the culprit is the system of International Financial Reporting Standards (IFRS), an EU-sponsored regime which has applied to UK and Irish banks since 2005. It’s something Howard Flight covered in Fixing the Accounting BotchĀ here on ConHome and which IĀ highlighted with a ten-minute rule bill, which appeared on the order paper for second reading on Friday.
But enough of banks and the institutional flaws in banking: following today’s statement, I have health papers to read…
