Warren McGregor: In defence of IFRS financial statements

Published on: 25 Feb, 2013

Former IASB member Warren McGregor evaluates the criticisms that have been levelled at IFRS financial statements by CFOs and others in and outside of Australia and seeks to defend the usefulness of IFRS financial statements.

He looks at the expectations regarding benefits that were expected to flow from the adoption of IFRSs and claims made again and again that IFRS financial reports are useless and have driven disclosures to unmanageable levels.

The paper focuses on four issues:

  • Investors never read IFRS financial statements.
  • Investors focus on ‘underlying profit’ measures.
  • IFRS financial statements are too complex.
  • Are IFRS financial statements delivering the expected benefits?

Please click for access to Mr McGregors's paper In defence of IFRS financial statements on the CPA Australia website.

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