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Thursday 24 January 2013

The most destructive requirement in IFRS authorised by the very inefficient IASB


The most destructive requirement in IFRS authorised by the very inefficient IASB

 

The failed IAS 29, the IASB´s greatest failure to date, affected the Zimbabwe economy very negatively during hyperinflation. It was implemented during various years in Zimbabwe´s hyperinflationary economy with no positive effect. The failed IAS 29 had a very negative effect since it encourages and requires the implementation of the Historical Cost Accounting model during hyperinflation, the most destructive requirement in IFRS authorised by the very inefficient IASB.


Nicolaas Smith
Opinions on this blog expressed by me are my personal opinions.
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