According to Accountancy Age Arther Levitt, former head of the SEC in the States has said opaque accounting is putting US pension funds at risk.
He's right.
Adopting country-by-country reporting would be one thing that would reduce the risk. After all, pensioners are real people living in real places with real interest in what is happening in their locale. Which is why reporting for their benefit might be of importance.
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Levitt’s comments applied to *US public sector* pension funds, so I’m not sure why country-by-country accounting would make much of a difference to them…?
Why not?
Don’t they invest worldwide?
Calpers was an objector ot IFRS 8
Richard
But he was talking about how public pension funds are themselves accounted for, and not about the transparency of the international companies that they invest in…