IFRS have come under further attack from a Swiss business organisation
The International Finacial Reporting Standards developments have come under further attack, this time from SwissHoldings, the organisation of Swiss-based multinational enterprises.
Peter Baumgartner, a SwissHoldings director, responded to the scathing criticism by Michael Starkie, BP chief accountant, on the direction of the IFRS developments, in a letter to the Financial Times yesterday.
‘The International Accounting Standards Board's recent thrust has led to financial reporting that is not reflecting business reality in many areas. Particularly perturbing is that it is not properly prioritising the practical information needs of investors and analysts, the ultimate users of published financial statements,’ Baumgartner said.
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