Millions of dollars have been spent adopting international financial
reporting standards to help investors make like-for-like comparisons between companies in
to unmanageable levels the 60-70 pages of IFRS account, they
whether to retire its domestic accounting standard Australian
Financial Review, 6/2/2012.
In the light of the above statement;
1. Describe the IASB 2. Which qualitative characteristics of financial reporting, as per the IASB Conceptual
Framework, appear not to be satisfied by current reporting practices as per IFRS.
3. In your opinion, do corporate financial reports satisfy the central objective of financial
reporting as identified in the Conceptual Framework? Discuss and give example to
support your opinion.