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‘57 Varieties of Serious Defect in IFRS?’
Author(s) -
Nobes Christopher
Publication year - 2008
Publication title -
australian accounting review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.551
H-Index - 36
eISSN - 1835-2561
pISSN - 1035-6908
DOI - 10.1111/j.1835-2561.2008.0033.x
Subject(s) - accounting , business , international financial reporting standards
In a previous issue of this journal, Haswell and Langfield‐Smith (HLS) recorded 57 ‘serious defects' in IFRS. This commentary suggests that some of these are not defects and some others are not serious. Points are also made about the different implementation dates of standards in Australia compared to elsewhere, and about HLS's comparison of IFRS and previous Australian standards. HLS's conclusion that IFRS is not yet ready for world‐wide adoption is challenged on the grounds that a world standard is already needed for listed companies and that no plausible alternative to IFRS would be better.