Accounting profession has, in recent times, been regulated mainly by the private accounting standard setters mainly the International Accounting Standards Board (IASB), which has taken a center stage and redefined t...Accounting profession has, in recent times, been regulated mainly by the private accounting standard setters mainly the International Accounting Standards Board (IASB), which has taken a center stage and redefined the accounting information systems beyond the knowledge discernment of the average users and stakeholders. Public accounting profession's overreliance on the ever-changing IASB conceptual frameworks and their subsequent publications International Financial Reporting Standards (IFRS) standards has strongly compromised the ethics and objectivity of the profession, especially the accounting fundamental qualitative characteristics of the fair representation. Public accountants are, by ethics, required to issue an accurate, independent, and objective opinion of the financial state of the reporting entity. A review of various literatures from the IASB and the related bodies including independent auditors was employed during the evaluation process so as to minimize bias and evaluate objectively. The results revealed that currently, the IASB conceptual frameworks and IFRS contain inconsistent and opposing objectives including an inconclusive definition of elements and measurement basis mainly of profit and loss transactions and other comprehensive income, and hence the public accounting profession has been ethically challenged and compromised. Financial reporting is now premised on estimates, judgments, and models as opposed to a definitive measurement in accounting. A recommendation of further study on the IASB fundamental qualitative characteristics of decision usefulness should be pursued objectively.展开更多
This paper is of conceptual nature. The considerations are based on literature studies and empirical research carried out in 2009 and 2011 among the members of supervisory board in Polish public companies. The purpose...This paper is of conceptual nature. The considerations are based on literature studies and empirical research carried out in 2009 and 2011 among the members of supervisory board in Polish public companies. The purpose of this article is to present a new business reporting model extended by the supervisory board's reports. The part of this article, which is based on the literature research, clarifies the scope of modem business reporting, being a part of a company's information system. This article includes management commentary proposal prepared by the International Accounting Standards Board (IASB). The authors proposed a supplement to the management commentary which is a global model of disclosures accompanying financial statements. According to the concept presented in this article, information prepared and disclosed by managers in financial statements and management commentaries are parts of a larger reporting system-corporate reporting supply chain. This paper mainly proposes an extension of a modem company's information system with a new channel of communication, such as supervisory board's reports. This article explains the role of a supervisory board associated with the conception. In the prepared conception, supervisory board becomes an active reviewer of management action. Moreover, it is also an active participant in the chain of corporate reports. Deliberations presented in this article are the voices in the debate on the shape of the modem business reporting.展开更多
文摘Accounting profession has, in recent times, been regulated mainly by the private accounting standard setters mainly the International Accounting Standards Board (IASB), which has taken a center stage and redefined the accounting information systems beyond the knowledge discernment of the average users and stakeholders. Public accounting profession's overreliance on the ever-changing IASB conceptual frameworks and their subsequent publications International Financial Reporting Standards (IFRS) standards has strongly compromised the ethics and objectivity of the profession, especially the accounting fundamental qualitative characteristics of the fair representation. Public accountants are, by ethics, required to issue an accurate, independent, and objective opinion of the financial state of the reporting entity. A review of various literatures from the IASB and the related bodies including independent auditors was employed during the evaluation process so as to minimize bias and evaluate objectively. The results revealed that currently, the IASB conceptual frameworks and IFRS contain inconsistent and opposing objectives including an inconclusive definition of elements and measurement basis mainly of profit and loss transactions and other comprehensive income, and hence the public accounting profession has been ethically challenged and compromised. Financial reporting is now premised on estimates, judgments, and models as opposed to a definitive measurement in accounting. A recommendation of further study on the IASB fundamental qualitative characteristics of decision usefulness should be pursued objectively.
文摘This paper is of conceptual nature. The considerations are based on literature studies and empirical research carried out in 2009 and 2011 among the members of supervisory board in Polish public companies. The purpose of this article is to present a new business reporting model extended by the supervisory board's reports. The part of this article, which is based on the literature research, clarifies the scope of modem business reporting, being a part of a company's information system. This article includes management commentary proposal prepared by the International Accounting Standards Board (IASB). The authors proposed a supplement to the management commentary which is a global model of disclosures accompanying financial statements. According to the concept presented in this article, information prepared and disclosed by managers in financial statements and management commentaries are parts of a larger reporting system-corporate reporting supply chain. This paper mainly proposes an extension of a modem company's information system with a new channel of communication, such as supervisory board's reports. This article explains the role of a supervisory board associated with the conception. In the prepared conception, supervisory board becomes an active reviewer of management action. Moreover, it is also an active participant in the chain of corporate reports. Deliberations presented in this article are the voices in the debate on the shape of the modem business reporting.