Credit write-backs - Clarity on accountancy headache
Katherine Brandon investigates the new guidance on credit write-backs issued by the FSA
On 17 November, the Financial Services Authority released a guidance paper on credit write-backs based on its handbook and Generally Accepted Accounting Principles for directors.
Credit write-backs: An articulation of the FSA's position is the first guidance from the regulator to address credit write-backs, although they can occur where there are complex transactions with many parties on one contract and many entries on a broker's ledgers.
David Roberts, partner at accountant Littlejohn, said:
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