News Article - 26 November 2007
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The Big Four - PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young - have collaborated with BDO International and Grant Thornton in a bid to draw up a common approach to banks evaluating their assets, according to reports.

The companies have sent a draft of a paper on the implementation International Financial Reporting Standards to bodies such as the International Accounting Standards Board and the Financial Stability Forum - a grouping of banks and other regulators which have previously called for a standardised approach, the Financial Times reports.

Pauline Wallace, a partner at PricewaterhouseCoopers, told the paper: "We don't see ourselves as the right people to provide guidance, but we can provide the context, that's our role."

The Financial Times, who claims to have seen the paper, say it will be published next June.

Following the recent turmoil in the finance markets, the newspaper also reports the draft paper has added importance as it will alleviate fears that banks will value their holdings differently.

Jeremy Newman, the newly-appointed chief executive of BDO International who will take up his role in October 2008, previously told the newspaper that his company is aiming to challenge the Big Four's monopoly on the industry and become a "credible alternative".

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