22 Dec 2009

Companies still breaching new accounting rules

3:54 pm on 22 December 2009

The Securities Commission says it will not publicly censure any of the latest companies found to be failing to comply with new accounting rules, despite warning last month that it would name and shame them.

The commission's latest survey looked at the financial statements of 24 firms and found 19 of them not up to standard.

Following the previous survey, in October, commission chair Jane Diplock warned that she would publicly name and shame those that did not comply in future.

The commission's chief accountant, Alastair Boult, now says they do not warrant drastic action because most of the cases are minor.

However, he says he is concerned that the same mistakes are still being made.