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Busting Some Myths About IFRS

Scott Taub | May 28, 2014

Guess what? Some commonly held beliefs about International Financial Reporting Standards are just plain wrong.

My six-year term as a member of the IFRS Interpretations Committee (IFRIC) ends this month, and I hope that I have helped to improve the international accounting standards during that time.  Either way, I have learned an awful lot about IFRS and the International Accounting Standards Board.

 In some cases, my experiences tell me that some things that are “generally accepted” are nonetheless untrue, while some of the conventional wisdom is grounded in reality. So, in the spirit of Discovery Channel's MythBusters, I'll discuss some commonly held misconceptions about IFRS and confirm some of the conjecture. I don't have access to explosives or super slow-motion cameras like they do on the show, so I'll have to rely on what I learned during the...

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