Accountants and regulators clash over banking standards

Deputy Editor
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Risk has been a key watchword in the banking industry over the past 18 months, but accountants and regulators are at loggerheads over the idea of introducing sector-specific accounting standards to mitigate another crash.

While the lay press has been preoccupied with Barack Obama’s plans to segregate riskier investment banking transactions from retail banking, there has been a substantial debate going on the background about how banks should make accounting and regulatory provisions.

In his address to the ICAEW’s ‘Are Banks Different?’ policy event last week, Lord Adair Turner recognised the tensions that exist between those who believe banks are different to other sectors and accounting standards for this sector should reflect the concerns of prudential regu...

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