HSBC IN 'BIZARRE' IFRS CLAIM

摘要

A senior international accounting standards expert has criticised a speech by HSBC chairman Stephen Green, who attacked international accounting standards, calling them 'bizarre'.rnGreen told an audience at the British Bankers' Association, of which he is also chairman, that 'some aspects of IFRS can only be described as bizarre'. He added: The requirement to take movements in the fair value of your own debt through the profit and loss account is my favourite example, though not the only one.'rnBut David Cairns, a former secretary-general of the International Accounting Standards Committee (the forerunner to the International Accounting Standards Board) hit back. He said: 'First there is no requirement. Second there is an option to do this in very restricted circumstances. Third, HSBC chooses to use that option, in the permitted circumstances.'