| ICAEW launches financial reporting faculty |
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| Tuesday, 18 December 2007 | |
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The Institute of Chartered Accountants in England and Wales (ICAEW) has launched a new financial reporting faculty in response to fundamental changes in the financial reporting environment and the increasing complexity of relevant laws and standards. Increasingly detailed international financial reporting standards (IFRS), the complexity of the accounting requirements in areas such as financial instruments, pensions and share-based payments and changes in laws and regulations have fuelled demand for a dedicated centre for information and support. The new faculty will assume responsibility for current ICAEW activity in the field of financial reporting and when fully developed will offer faculty members new and extensive services, providing highly-accessible, practical, fully up-to-date and targeted assistance on financial reporting issues. Financial reporting is of central importance to members of the profession across the full breadth of the economy and, for many, involves an increasing degree of specialisation. The Financial Reporting Faculty will be the ICAEW voice on financial reporting, providing strategic technical leadership on financial reporting issues, making representations to standard setters and regulators and providing extensive technical and practical information to Faculty members. The ICAEW said that as well as an operational board chaired by Deloitte partner Andy Simmonds, a high level faculty advisory group composed of highly influential figures from business, academia, the user community, regulators and the profession has been established. As a 'council of reference', the group’s discussions would be designed to place the financial reporting agenda in its broader international and economic contexts. Robert Hodgkinson, executive director, Technical, said, “The establishment of this new Faculty reflects and responds to the significant increase in the complexity of accounting standards and regulation and aims to provide members with a trusted and independent external point of reference when dealing with financial reporting issues.” Related articles
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