IASB submission to the UK PCBS

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17 Jan, 2013

On 16 January 2013, IASB Chairman Hans Hoogervorst addressed the UK Parliamentary Commission on Banking Standards' Panel on tax, audit and accounting.

The parliamentary commission, a joint committee of the House of Commons and the House of Lords, is preparing a report on how banks' governance and ethics need to change after the financial crisis and had issued a call for evidence on 4 December 2012. The IASB's position can be summed up by the quote "In sum, we do not support the notion that accounting standards led to a systemic bias to overly favourable financial statements in the banking industry." A written submission setting out the response of the IASB to all questions posed by the Committee's Panel on tax, audit and accounting can be downloaded from the IASB's website.

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