The Compromise of IASB's Conceptual Framework And IFRSs.

      Аннотация: The last two decades have been characterized by successive cycles of collapse of ethical business culture and corporate failures preceding and after the Global financial crisis of 2007. Big Accounting and Audit firms have been cited as among the biggest factors behind the failures and unethical practices, through many flawed financial Instruments accounting. IASB's based Financial reporting has developed on concepts,which are not discovered based on a scientific approach and modelling,and without logical foundation. The UN, EU, FCAG have been advocating for financial reporting that is prudent, relevant, unbiased and transparent with full disclosure.The IASB Conceptual Framework and IFRSs requires conceptual based teaching and understanding, that require making professional judgments and decision making, based on estimates & assumptions. This book therefore seeks to question and engage discussions on the objectivity IASB as an accounting standard setter and to analyze the compromise of Conceptual Framework and IFRSs on the auditing and Accounting profession.The study conclusions revealed that the IASB Conceptual framework and IFRSs contributed greatly to the unethical malpractices

Ключевые слова: financial reporting, Conceptual Framework, IASB, global financial crisis, Unethical practices, financial instruments, Public accountants and auditors, Sarbanes –Oxley Act, Professional judgments, IFRSs