Jurnal Umum
IFRS and the Accounting Consensus
SYNOPSIS: A broad consensus in accounting favors principles over rules to guide
creation of a uniform high-quality set of standards for use everywhere, and granting
monopoly power to a single body for this purpose. If implemented into policy, this
consensus will discourage discovery of and evolution toward better methods of financial
reporting, make it difficult to conduct comparative studies of the consequences of using
alternative methods of accounting, promote substitution of analysis and thinking by rote
learning in accounting classes, help discourage talented youth from collegiate programs
in accounting, and probably endanger the place of accounting discipline in university
curricula. Because the presumed benefits in the form of increased comparability
of financial reports internationally or stateside are unlikely to be realized, the wisdom of
undertaking these burdens remains questionable. The paper calls for a re-examination
of the accounting consensus.
Keywords: accounting education; accounting standards; IFRS; uniformity.
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