The Quality of IFRS: Australian Preparers' Perspectives

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Abstract

Despite concerns about their quality, recent years have seen a rapid uptake of IFRS. This paper documents the results of a study which utilised a mail-survey and explored the perceived quality of IFRS amongst CFOs from large, ASX listed Australian firms. Respondents acknowledged that IFRS adoption had meant that firms now have tighter guidance on some issues that had previously not been adequately addressed in the past by AASB standards. Despite this, there was strong support for the position that IFRS adoption had reduced the quality of financial reporting in Australia and numerous faults with IFRS were identified. Standards singled out for specific criticism, due to their perceived complexity and questionable treatments, included those in relation to financial instruments, share-based payments, impairment and intangible assets.
Original languageEnglish
Title of host publication9th Proceedings
Subtitle of host publicationResearch for Progress
EditorsZia Haqq
Place of PublicationMelbourne, VIC
PublisherWorld Business Institute
Pages1-19
Number of pages19
ISBN (Electronic)9780980455703
Publication statusPublished - 2008
EventInternational Business Research Conference - Melbourne, VIC, Australia
Duration: 24 Nov 200826 Nov 2008

Conference

ConferenceInternational Business Research Conference
CountryAustralia
Period24/11/0826/11/08

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