It is now recognised in the UK that International Financial Reporting Standards (IFRS) mandated by the EU along with the voluntary adoption by the Financial Reporting Council (FRC) of International Auditing Standards (ISAs) in 2005 contributed significantly to the financial crisis by allowing banks to overstate profits and asset values.
Leaders from Canada, France, Germany, Italy, Japan, Russia, USA and the UK met at Lough Erne in Northern Ireland for the G8 Summit 2013.The G8 brings together eight global leaders to address international issues and tackle challenges faced globally such
A high level of corporate takeover activity has long been a feature of the British financial landscape. But who benefits from this vibrant market? In a recent paper for Policy Network (1), my co-authors and I ask whether high levels
A review of ‘Where Does Money Come From?’ (2nd edition 2012). By Josh Ryan-Collins, Tony Greenham, Richard Werner and Andrew Jackson. New Economics Foundation. Money is at the source of the greatest misconceptions in economics, amongst the general public, trained
Accounting changes across the EU in 2005 not only allowed banks to under-provide for loan losses but also brought in mark to market (MTM) for valuing financial assets and liabilities, including financial instruments. Mark to market is rooted in the
In November 2012, the Bank of England released its autumn Financial Stability Report (FSR). Chapter two shows the market capitalisation of the banks is significantly lower than their reported asset values. This indicates market mistrust of the accounting numbers amongst