Rift emerges in audit world over derecognition rules governing how items are removed from balance sheets
Auditors, standard setters and investors stand in disagreement over new accounting rules which guide when companies can remove assets from their balance sheet.
The international debate on the standard called ‘derecognition’ has opened fissures within the accounting world with two of the UK’s largest bank auditors disagreeing on fundamental underlying principles, and the world’s two most prominent standard setters heading in different directions.
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