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Breaking: Koalishon Admit Banking Rules Are Fatally Flawed

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Coalition admits concerns over 'flawed' IFRS

The Government has admitted it has been notified of concerns over Britain's financial reporting standards, particularly over banks, and has pledged to review the system before it is extended.
By Louise "Lou" Armitstead, Chief Business Correspondent
Published: 6:00AM BST 27 Aug 2010
Tom Bush claims the root of the 'fatal flaw' lies in the adoption of the new IFRS accounting system to work alongside the Companies Act. Following revelations in the The Daily Telegraph on Thursday that a senior accountant had informed ministers of his worries that British banks were adhering to flawed rules, the Department of Business (BIS) said that he was "not alone in expressing the concerns".
Tim Bush, a member of the Urgent Issues Task Force that reviews the work of the Accounting Standards Board (ASB), wrote a letter to the BIS last week describing a "regulatory fiasco" in bank company reporting.


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  • 443 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
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      • Even
      • up 2.5%
      • up 5%

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