Lie of those who are pushing for IFRS nailed.
Comment on AS7 by Delloite partner -
"Percentage of completion method is a leap of faith," says N Venkatram, partner, Deloitte Haskins & Sells , an audit and advisory firm. "A lot of it is based on what other professionals certify."
(entire article at http://economictimes.indiatimes.com/markets/real-estate/realty-trends/real-estate-experts-doubt-percentage-completion-method-of-revenue-calculation-by-builders/articleshow/8957198.cms )
IF this AS is flawed because one cannot rely on what a professional certifies then the entire IFRS is flawed as the entire accounting is at the mercy of "professionals" and how they "value" balance sheet items!!
Basically I dont know what scam or financial tragedy the regulators are waiting to happen before they decide to junk the IFRS.
As i keep saying retain historical cost accounting and use IFRS as an analytical tool for all listed entities to facilitate one common platform for comparision.
Posts
IFRS .. just take out the S from the last , and fix it at the threshold , and see it becomes revealing .. SIFR.. ( phonic.. and 'cipher' in essence) isn't.. a dooming is written , for the business, giving conservatism a GO-BYE , befitting whom ..??. perhaps we must listen before we r drowned.. ?? .. isn't..? the most unfair it wud turn ..
ReplyDeletelol.. yes its the emperor's new clothes all over i guess!!
ReplyDelete