New survey 'highlights change in accountancy practice'

11/02/2010 New survey 'highlights change in accountancy...

The majority (71 per cent) of corporate companies reported changes in their accounting procedures, with the new accounting standard on segmental reporting singled out as the main reason, according to a new survey.

The findings were disclosed in a report by Deloitte, which also revealed that 95 per cent of companies enclosed a responsibility statement in their half-yearly results announcements.

Isobel Sharp, audit partner at the organisation, stated that the trend will see continued improvement as corporations are becoming more and more familiar with the disclosure and transparency rules - and the status quo cannot be allowed to prevail when it comes to accounting policy.

She added: "Concern and liquidity risk continue to be issues for many companies in these uncertain times."

The Big Four company recently suggested that financial institutions would have to improve their risk management practices - with the figure being spent on it likely to rise to £64 billion by 2012.

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