RSS feedsCorporate treasurers are on the brink of a major clash with Big Four auditors over inconsistent interpretations of IAS39. They claim discrepancies between firms have unfairly benefited companies simply because of their choice of auditor.
Some of the UK’s largest companies have become increasingly frustrated with the inconsistencies, especially as they have paid firms to implement the standards smoothly.
Matthew Hurn, the treasurer at DSG International, the owner of PC World and Currys, said the FTSE 100 group’s rivals were capitalising on favourable IAS39 interpretations from their auditors, which placed DSG at a disadvantage because of its auditor’s conservative view.
‘There is a major discrepancy between audit firms that needs to be addressed. It is frustrating when I see that many of our rivals are receiving a much better IAS39 treatment,’ Hurn said at an Association of Corporate Treasurers conference.
Responding to the criticisms as conference chair, Ken Wild, global IFRS leader at Deloitte, said firms were doing their utmost to solve the problem. ‘We are on a big learning curve and we are honestly trying our best to ensure consistency across firms. It is going to take time,’ he said.
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