The Auditing Practices Board (APB), the audit standard setting body for the UK and the Republic of Ireland, has published a Consultation Draft of a Practice Note “Auditing derivative financial instruments”. Here the project director at the APB explains the thinking behind the guidance and...

The authors argue that book value accounting is now completely out of date. Citing examples based on the Campbell’s Soup company and AOL Time Warner they show how investors who are tied too closely to a simple value benchmark have missed out on the value rally in the markets. They advocate...