Rules are meant to be broken
September 1, 2008
While the brooh-ha-ha continues in the US over the introduction of IFRS, I am delighted to see that Francine McKenna nails its importance in unequivocal language when comparing to the way US GAAP operates:
Rules are meant to be broken and gotten around. Better to judge professionals on their judgement, and let them take full responsibility for it, than to constantly have debates and lawsuits about whether arbitrary rules have been broken.
It should come as no surprise that the audit profession is predicting it will take ‘years’ to make the transition and are scaremongering investors in the public press. Talk about creating expectations in anticipation of CFO budgets. It’s a crock of you know what but that doesn’t prevent the Big 4 PR machine from grinding out the message. But then in the face of layoffs, it’s hardly surprising to see firms trying any trick to drum up business.
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Just go see Country by Country over at my place this morning: we need an alternative to fair value!
Richard Murphy
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