"existing requirements permit too many alternative presentations and that the information in financial statements is highly aggregated and inconsistently presented..."
This is exactly why I feel that one method should be standardized by all stakeholders (major financial institutions, ratings agencies, and governments) so that stock holders can rest assured that someone in the firm that they own isn't cooking the books.
The report went on to state that recommendations for clarifying financial statements were excepting Non-profits, certain retirement plans and other plans governed by another standard. I am curious to learn about how Non-profits are structured because as my father pointed out: Many non-profits seem to be very profitable for the individuals involved.
 |
| http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8646174/Banking-trio-fail-to-meet-accounting-standards-claims-Financial-Reporting-Council.html |
No comments:
Post a Comment