Companies are making accounts needlessly long and complicated by pasting in boilerplate statements oflittle relevance to their businesses, an accounting watchdog will say today.
The Financial Reporting Review Panel calls for "more focused and thoughtful treatment" of complex accounting issues in a report on the implementation of international financial reporting standards (IFRS).
Its comments will feed into a tempestuous debate over the future of accounting and highlight a divergence of views between the regulator and business.
Most companies acknowledge that their accounts have become more difficult to digest since IFRS were introduced across Europe last year but they lay the blame on standard-setters.
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