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About time!!!!!!!!!!!
The aim is to give investors and shareholders a broader picture of how companies make their money and their prospects in the short, medium and long term.
At last: this is precisely what Mad Lemming has been advocating: using all the information that is available about a company, when reporting about that company, rather than just debits and credits, which are so open to abuse, and therefore are abused.
This approach needs to also apply to the Insolvency section, as those accounts are particuarly abused: look at the House of Commons debate on 7th May 1999, Heritage plc or what Vincent Tchenguiz appears to be uncovering in relation to Grant Thornton and CBG!
About time & time & time....
80 companies globally trying the latest in a 25+ year history of discussions and standards upon standards, eg here.
Don't hold your breath jeff.
So will that change....
falsification of revenues/expenses, dodgy directors' valuations, hidden frauds by staff and directors, reclassification of directors' perks as kosher expenses? If not, what's the point of any of this reporting stuff?