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GAAP.RUNewsAccounting rules "practically impossible to implement", Barclays claims

Accounting rules "practically impossible to implement", Barclays claims

Barclays becomes latest bank to voice opposition to proposed loan rules

Author: Mario Christodoulou

Publication date: 6 July 2010

Proposed banking rules, born out of the crisis, will be “practically impossible to implement” and encourage “boilerplate” disclosures, according to Barclays. Barclays’ finance director Chris Lucas is the latest to voice opposition to the accounting rules, which may force banks to calculate and disclose the proportion of loans which will turn bad.

Proposed banking rules, born out of the crisis, will be “practically impossible to implement” and encourage “boilerplate” disclosures - Barclays’ finance director Chris Lucas is the latest to voice opposition to the accounting rules: “Many of then proposals are too prescriptive and practically impossible to implement”, - Lucas said in Barclays’ submission to the International Accounting Standards Board (IASB).