International accounting standards came under sustained attack in a Parliamentary committee hearing into banking yesterday.
Accounting professors Stella Fearnley and Prem Sikka took centre stage during the committee hearings and laid into not just the complexity and ineffectuality of IFRS, but also the structures that lay behind them.
They were egged on at times by commission chairman Lord Lawson, who is leading the joint Lords-Commons committee examining professional standards within the banking industry and the lessons that can be learned from recent crises about the sector’s governance, regulation and transparency.
The former Chancellor was appointed to the role after participating in the 2011 Lords’ Economic Affairs committee enquiry last year...
About John Stokdyk
John Stokdyk is the global editor of AccountingWEB UK and AccountingWEB.com.