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Thursday, 30 October 2014

Welcome to the IASB

EVERYONE IN THE WORLD ECONOMY who today implements HISTORICAL COST ACCOUNTING uses the units of constant purchasing power measurement basis to update some expenses, for example, salaries and wages, etc. and some prices, e.g., utility prices, mobile phone call rates, etc. on an annual basis, i.e., to measure these items in units of constant purchasing power in terms of the CPI or a Cost of Living Index on an annual basis under HISTORICAL COST ACCOUNTING.

Basically, they implement the units of constant purchasing power measurement basis under HISTORICAL COST ACCOUNTING.

However, the current members of the IASB and the current members of the IASB staff refuse to acknowledge that.

That is what publicly donated funds are being used for: to pay these peoples´ salaries to come up with junk, low quality IFRSs.

Nicolaas Smith Copyright (c) 2005-2014 Nicolaas J Smith. All rights reserved. No reproduction without permission.