The committee comments on proposed legislation on accounting issues as they affect the investment profession. Its main areas of responsibility are:
- To identify and monitor developments in key accounting, auditing and corporate reporting standards as they affect the quality of the financial statements, and other best practices, likely to affect CFA UK members.
- To report regularly to members on issues likely to affect financial reporting and analysis.
- To investigate and assess relevant developments in financial reporting in order to determine whether CFA UK should undertake any necessary action.
- To consult CFA UK members where such input could be helpful in developing and promoting the society’s and CFA Institute’s advocacy positions.
- To draft accounting advocacy papers and other materials on behalf of CFA UK.
- To enable the society to provide input to CFA Institute for use in responses to international or pan-European bodies and/or to allow the society to respond directly on accounting matters.
To volunteer your services for this committee, email a covering letter and your CV to the society's chief executive.
Areas of focus for 2015/16
- Survey members to build on our time series on the views of the membership on the usefulness of the different parts of annual reports, as well as to understand the impact of the latest industry developments on the quality and quantity of fundamental research
- Influence thinking in financial reporting by engaging with, and responding to, numerous consultations from different bodies: FCA, European Commission and the IASB.
Areas of focus for 2016/17
- Work more closely with other independent committees across Europe that share the objective of influencing the different relevant bodies in a way that most benefits the users of financial accounts
- Run our second annual conference in December 2016, during which we will explore the future of fundamental research. We will discuss both its value in the context of the rise in passive investment, and how it might be fundamentally changing given the ever increasing ability to quickly analyse a wider range of data sets
- Present the results of our annual member survey, and build on the implications of a changing research landscape over the course of the year.