Banks financial reporting responsibilities in the current unstable markets are clarified in a new publication issued today by the British Bankers Association.
Turmoil and Transparency brings together the guidance from the worlds financial reporting organisations into a single document for banks currently preparing their half-year reports.
The paper provides BBA commentary on the recent papers issued by the G7s finance ministers and central bank governors, the Financial Stability Forum, the Committee of Central European Bank Supervisors and the Committee of European Securities Regulators on 10 July. It also includes a statement made by the European Financial Reporting Advisory Group and three national standards setters.
“The credit crunch focused the international standard setters on the way complex financial structures should be reporting their results,” says Paul Chisnall, executive director, financial policy and operations at the BBA. “This paper brings together their views, together with the BBAs views on what our members might do with all of this new information.”