This is an interesting area where I want to open some discussion.

I'm new here, and this my first post, so hello!

I've been following the daunting idea of IFRS and what it will mean for business as more and more countries adopt the standard.

Is it generally okay to say that it is a good practice? Especially in a time where so many businesses are being weeded out for faulty accounting and practices, the maddoffs, etc...

Or is it just another bureaucratic hurdle that the investor will be barred from?

A lot of the powerhouse accounting firms are taking stand on the idea, deloitte is one that comes to mind.

What are your thoughts?

You accountant?

External Auditors play an equal important role as those standards as mentioned.

Sincerely, in my opinion, these auditors have to do a very good job than to talk about Accounting Standards, year in year out, to show off what they know, and people do not know.

There ia always a big area of conflict when the external auditors are engaged and paid by the CEO , an opinion that could be biased.

Whatever standards you have, seeing is believing, the very basic of an audit.

Claiming them ( the standards ) to be global or universal are of less significance.

This post has been edited by SKY 1809: Jul 28 2009, 08:33 AM