From Dr Peter Baumgartner.

Sir, The concerns recently expressed by Michael Starkie on the direction of International Financial Reporting Standards developments are shared by many preparers (“Accounting rule-makers putting markets at risk”, Letters, June 12). The International Accounting Standards Board's recent thrust has led to financial reporting that is not reflecting business reality in many areas. Particularly perturbing is that it is not properly prioritising the practical information needs of investors and analysts, the ultimate users of published financial statements.