FDs turn on IFRS

Senior finance directors have turned on new international financial reporting standards, accusing them of rendering accounts less relevant and comprehensible.

Jon Symonds, chairman of the Hundred Group of finance directors and CFO of AstraZeneca, said yesterday that, although he agreed with the goal of a uniform set of global reporting standards, IFRS as they were currently conceived "undermined communications between business and owners".

In particular, there were reservations about the use of fair value accounting and the influence of the US on the shape of the new standards, He told the

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