Guidance sought by government over debt

Debt advice has been sought from the government by the UK's largest accountancy firms, it has emerged.

According to reports by the Telegraph, the UK's largest accountancy firms - the so-called Big Four - have sought advice from the government over how the debt on banks' balance sheets should be valued.

The balance sheet debt is the result of the recent credit crunch.

A representative from the UK's Financial Services Authority (FSA) took part in the meeting with the accountancy firms.

The objectives of the FSA include ensuring the preservation of market confidence, in addition to protecting consumers and reducing instances of criminal activity.

"We are in constant dialogue with other firms and authorities across the world given the current conditions in the financial markets," said a representative from the FSA.

The leading four accountancy firms in the UK include Deloitte, KPMG, PricewaterhouseCoopers and Ernst & Young.