As
@domalino has pointed out, there are possibly data disclosure issues that the Prem has that do not necessarily have anything to do with GAAP or the UK/European equivalent. For example, as a stock analyst, I can ask a company for information, but unless GAAP and the Securities and Exchange Commission require the information be disclosed, the company isn’t required to provide it to me legally (and likely has to provide it to everyone if provided to me per Reg FD or “Full Disclosure”). To help me understand the business it might do so, and the SEC regularly reviews financial filings and asks companies to clarify or expand what they disclose, and accounting rules change all the time too in terms of calculations and disclosures.
So this is possibly that kind of a situation where the Prem required disclosure for its own purposes which City didn’t provide or omitted.
Now the way such a “violation” is worded in the accusations or — especially — what some media outlets have run with over here (i.e. “cooking the books”) is inflammatory if not total horseshit. But as I said before — the damage is done — and those with no command of accounting or the laws pertaining to it do not care a whit if such hyperbole is what we are saddled with. As with the original FFP “violations”, the devil is in the details — and details rarely get in the way of a good headline and/or lynching.