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Proposal for improved financial statements under IFRS

Author

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  • Kjell Magne Baksaas
  • Tonny Stenheim

Abstract

The benefits that users gain from financial statements depend on clear and concise presentation of the underlying economics. The current IFRS regulation on presentation of primary financial statements suffers from several flaws. This paper identifies and analyzes these flaws using illustrative examples from large accounting firms. Based on this discussion we present a set of alternative financial statements. The paper concludes with proposed modifications of the current financial statements under IFRS.

Suggested Citation

  • Kjell Magne Baksaas & Tonny Stenheim, 2019. "Proposal for improved financial statements under IFRS," Cogent Business & Management, Taylor & Francis Journals, vol. 6(1), pages 1642982-164, January.
    • Handle: RePEc:taf:oabmxx:v:6:y:2019:i:1:p:1642982
    DOI: 10.1080/23311975.2019.1642982
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    Cited by:

    1. Maria Daniela BONDOC & Marian TAICU, 2019. "Ethics In Financial Reporting And Organizational Communication," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 18(3), pages 168-174.
    2. Delia IANCU, 2019. "Comparative Analysis Of Fiscal Systems And Policies," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 18(3), pages 175-181.
    3. Dinu Elena Loredana, 2022. "The concept of quality of financial accounting information and the relationship with IFRS standards: analysis of the situation of companies listed on BVB," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 16(1), pages 1353-1367, August.

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