Council pensions bosses have locked horns with accounting regulators and called on top businesses to ‘disregard' them.

Last year the Local Authority Pension Fund Forum (LAPFF) claimed the Financial Reporting Council (FRC) was ‘wrong on how crucial capital and solvency law set a basic standard for company accounts under the true and fair view test'. It warned that the FRC's system ‘omits this key investor and public interest safeguard'.