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Tilley slams average-price idea.

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Charles Tilley, CIMA's chief executive, has spoken out against proposals by business leaders in Europe and the US to suspend the use of point-in-time market prices to determine fair value.

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The main focus of the debate has been the banking industry. Proponents of the changes have suggested that, in light of the increasingly difficult economic climate, average prices should replace current fair-value reporting. But the institute has consistently said that companies should use their narrative reporting to explain the full circumstances of their use of fair values. It argues that this is a better way to inform the market.

"CIMA believes that the balance sheet is supposed to be a snapshot of the state of a company's financial affairs at a point in time and...

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