Pit closures: don't use accounting shorthand
Article Abstract:
A recent controversy involving the statements of profit and loss developed by Great Britain's National Coal Board (NCB) to determine whether (and which) coal mines should be closed was touched off by an article written by five academics for Accountancy magazine. The article, published in January 1985, claimed that the accounting standards used to generate the profit statements were 'flawed' and that therefore the statements should not be used to decide which coal mines to close down. The NCB has defended its accounting practices and the profit and loss statements in question. Nevertheless, accountants who reviewed the NCB's statements agreed with the conclusion that these financial statements should not form the basis for closure decisions. Details of the controversy are included.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1985
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Tweedie: the story so far
Article Abstract:
Accounting Standards Board (APB) Chmn David Tweedie is considered one of the most controversial figures in the British accountancy profession. 'The Scotsman' even went as far to label him as 'Britain's Most Hated Accountant.' Tweedie was pushed to the limelight when the APB started issuing the controversial Financial Reporting Exposure Drafts and Financial Reporting Standards (FRS). FRS 1, 'Cash Flow Statement,' for instance, is welcomed by some but seen by others as flawed because of its definition of cashequivalents. The APB's definition of business discontinuation has also been receiving some comments. Tweedie's current concerns include resolving the problem of equity accounting and making accounts more understandable for peoplewho have no background in accounting.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1993
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Tweedie's perfect storm
Article Abstract:
The CFOs of EU-listed companies complain that International Financial Reporting Standards (IFRSs) are producing information that is far from making accounts more transparent and easy to understand. However, Sir David Tweedie, the chairman of the International Accounting Standards Board, is optimistic that the situation can be addressed.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2005
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