Category: Publications Consultation Reliableaccounting

Response to the Independent Review of the Financial Reporting Council

LAPFF has responded to the review on the proposed replacement of the Financial Reporting Council (FRC). LAPFF has had concerns about accounting and audit practices since the banking crisis and has stated for some time that there was leadership failure with the FRC, that the FRC needed to be disbanded and replaced, that the position […]

Financial Reporting Council consultation – Draft amendments to Guidance on the Strategic report Non-financial reporting

LAPFF has responded to the FRC consultation on draft amendments to Guidance on the Strategic Report Non-financial reporting. The response emphasised that as an investor forum, LAPFF believes that robust rules, application and practice on accounting and financial reporting are essential to safeguard the interests of pension fund beneficiaries.   FRC consultation

IAS consultation on the impact of IFRS in the EU

LAPFF, together with a group of nine UK organisations has made a joint submission to the European Commission on the impact of International Financial Reporting Standards. The participating institutions include individual asset management firms, pension funds and associations. IAS consultation on the impact of IFRS in the EU LAPFF and investor coalition joint response to […]

EFRAG – call for comments on draft endorsement advice on IFRS 9

LAPFF has responded to the draft endorsement advice by the European Financial Reporting Advisory Group (EFRAG) on the proposed replacement of EU-IAS 39 with IFRS 9. LAPFF believes that EFRAG has been lacking objective and transparent legal criteria for assessing the true and fair view principle of the law for IFRS endorsement and as a […]

FRC Consultation – Auditing and ethical standards implementation of the EU Audit Directive and Audit Regulation

FRC Consultation – Auditing and ethical standards implementation of the EU Audit Directive and Audit Regulation LAPFF does not support any further powers being given to the FRC without substantial governance reform of the FRC resulting in demonstrable independence of the FRC from the auditing profession, and has written to BIS accordingly. LAPFF response to […]

FRC consultation on Sharman and Going Concern

FRC consultation on Sharman and Going Concern LAPFF supports the original Sharman proposals, not the FRC proposed amendments. Recent FRC statements on the quality of audits at UK banks would suggest that auditors should be undertaking their basic task properly as opposed to providing assurance against financial reporting standards LAPFF response to FRC consultation on […]

FRC Consultation on Sharman Implementation

FRC Consultation on Sharman Implementation The Sharman Panel recognises that assessing going concern requires prudent accounting policies, and that this assessment is not consistent with IFRS in several material respects. In LAPFF’s opinion, the parties who have been setting and endorsing accounting standards have been missing the fundamentals of prudent accounting and true and fair […]

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