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.
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!!
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