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Are IASBS Qualitative Characteristics Reflected In IFRSS? IAS 29 As A Case Study

Research Journal of Economics, Business and ICT

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Field Value
 
Title Are IASBS Qualitative Characteristics Reflected In IFRSS? IAS 29 As A Case Study
 
Creator Abu­ Abbas, Bassam  Mahmoud ; University of Bahrain, Sakhir
Al­Abdullah, Riyadh ; University of Bahrain, Sakhir
 
Subject —
Qualitative Characteristics, Comparability, Relevance, Faithful Representation, CPI
M41
 
Description The study investigates the ability of IAS 29 to reflect IASB'squalitative characteristics. A critical and evaluative approachis  adopted  to  test  three  hypotheses.  First,  IASB  requireshigh  comparable  information  in  financial  statements  andother  financial  reports.  We  find  that  IAS 29 leads  to aninadequate comparability based on performance. As aharmonizing international body, IASB, through IAS 29, doesnot  render any valid comparison which is supposed to be the most fundamental mission of IASB. Second, IAS 29 is purposively  constructed to provide  relevant  information  for economic  decisions  taken  by  shareholders.  We  find  that IASB  is  ideologically  biased. Finally,  IAS  29  does  not achieve  faithful  representation  when  historical  cost information  is  restated  through  a  general  price  index.  We find  that  the  official  price  index  is  far  from  being representative  of  the  prices  of  goods  and services and representative of the inflation rate. The measured consumer price  index  during  the  period  of  large  price  shock  was biased.  The  results  of  this  paper  indicate  that  IAS29  does not  reflect  the  qualitative  characteristics  espoused  by  the various pronouncements by IASB.
 
Publisher English Time Schools & Overseas Education
 
Contributor —
 
Date 2012-06-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://ojs.journals.cz/index.php/RJEBI/article/view/225
 
Source Research Journal of Economics, Business and ICT; Vol 5 (2012)
2047-7848
2045-3345
 
Language eng
 
Relation http://ojs.journals.cz/index.php/RJEBI/article/view/225/229
 
Rights Copyright (c) 2012 Bassam  Mahmoud  Abu­ Abbas, Riyadh  Al­Abdullah
https://creativecommons.org/licenses/by/3.0/