From Mr Bill Hicks.
Sir, The letter from Corporate Reporting Users' Forum (CRUF) to the chairmen of the International Accounting Standards Board and the Financial Accounting Standards Board is a welcome addition to the debate on performance reporting ("Analysts fight back in battle of bottom line", November 1). The concerns the letter raises have been articulated for a while by several other interested parties, particularly from the preparer community, and they will be familiar to standard-setters.
In fact, the issue of reporting performance is part of a wider debate which goes, for want of a better phrase, to the heart and soul of financial reporting, and is characterised by standard-setters' apparent aspiration to move from the current "parent style" of financial reporting (based on a focus on performance as directed by management that is attributable to the parent company shareholders) to an "entity style" (where there is no distinction between those gains and losses that are earned and those that arise outside the control of the company or management, and no distinction between parent company and minority interest shareholders).
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