ACCA wants the International Accounting Standards Board (IASB) to reconsider some fundamental aspects of the global standard for the acquisition of businesses, IFRS 3, saying more work needs to be done on issues including accounting for goodwill and for intangibles.

The Financial Reporting Council (FRC) has published a statement reconfirming that the presentation of a true and fair view remains a ‘fundamental requirement in financial reporting’ under both International Financial Reporting Standards (IFRS) and UK GAAP to stop companies publishing misleading accounts.