The Telegraph picks up my Bill on bank accounting:
David Davis, the former Tory front bencher, and Steve Baker, the MP for Wycombe, have called for RBS to prove that its accounts are not being distorted by the controversial International Financial Reporting Standards (IFRS).
The letter, seen by The Daily Telegraph, details a disagreement between the MPs and RBS at a private meeting on May 24. The MPs argued that IFRS, which has been described as a “fatally flawed” system, is inflating the profits and capital position of RBS and other banks.
via Royal Bank of Scotland told by MPs to explain £25bn accounting ‘distortion’ – Telegraph.
Tags: Accounting, Banks, Financial Services (Regulation of Deposits and Lending) Bill, Legislation