Woolf: revenue recognition rule change tortuous

A handover of powers to professional accounting institutes has exacerbated a lack of accountability while changes to revenue recognition rules simply make accounting more complicated, warns Emile Woolf FCA

Government departments, lacking the relevant expertise themselves, often grant extensive powers to professional bodies responsible for overseeing the activities of their members. The chief problem with this growth of administrative law is accountability. Given such powers, professional bodies hardly expect to be accountable to members subject to their scrutiny nor can they sensibly be accountable to the civil servants who were clueless on what was needed and granted them powers to get rid of the problem.

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