ASB reclassifies RCIs


The UK’s Accounting Standards Board (ASB) created bewilderment in the market when it decided to reclassify reserve capital instruments (RCIs) as liabilities.

The changes, unveiled last month, could prove to be expensive for RCI issuers, including Lloyds, HBOS, Abbey National, Barclays Capital and Northern Rock, as they will be forced to account for the instruments on balance sheet. “The instruments were previously accounted for as ‘non-equity reserve component of shareholders’ funds’ on the

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