Billions in banker bonuses paid 'by mistake' - papers

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Billions of pounds of banker bonuses may have been paid out "by mistake" as a result of miscalculations resulting from Britain's flawed accounting rules.

The House of Lords Economic Affairs Committee, which is investigating the role of auditors in the financial crisis, has been told the controversial International Financial Accounting Standards (IFRS) had allowed banks to hide risks so that profits and bonuses were inflated, the Telegraph reports. Iain Richards, of Aviva Investors, told the Lords the IFRS system of auditing the banks had had "a material cost to the taxpayer and to shareholders" because "as a result dividend distributions have been made and bonuses have been paid that were imprudent". Read more here Meanwhile, Ll...

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