International Financial Reporting Standards

 International Financial Reporting Standards dances to the tune of the financial investment community and gives them exactly what they want  to launder control fraud, if that is their intent.  IFRS solicits financial community input and approval of financial "principals".  All to often those principals are driven by the moral hazard of the huge money making opportunity of control fraud and the need to hide it by manipulating the financial reporting.

Look!  There is no fraud here.  Look at the financial reports! The best way to rob a bank is to own one.  The biggest financial institutions own the "bank" of financial paper.  Everything in the financial industry is controlled by the the top level of the financial industry.  That top level has more power to control than the government.

Bill Black is a fraud fighting super hero!  He gives a lengthy explanation of a control fraud situation at this link here.  Excellent Bill.  How many start reading it vs how many complete it?  Understand it?  Here is a key statement from the link:

"I leave to the reader the reason a principles-based accounting system should be interpreted in a manner that supports rather than defeats the underlying anti-fraud purpose of the rule. But what if the accountants or the international accounting standards setting boards choose to defeat the anti-fraud purpose of the rule? That would create the perfect fraud."

Exactly Bill!  However, just like me you use so many words to bury the nugget in the discourse!

In my opinion the IFRS is an institutionalized control fraud structure.  It is the laundering system for financial fraud.  Real financial fraud is perpetrated, run through the IFRS and comes out looking like a rose in a financial report but reeking of financial stench that the sanitized report intends to cover up.

IFRS is a financial accounting principals based system.  It asks the financial system to give input on which to design the reporting system.  There is a difference between a system of principles and a system of law.  The financial industry may define its principals but the law defines the rules.  That is why the industry does not want government rules or enforcement because they dictate principals.  The law rules.  When "financial accounting principals" are applied to determine financial report output they can just as easily be for the purpose of control fraud as well as controlling fraud.

In the financial world what makes the most money?  Bad business drives out good business.  Fraud then makes the most money.  No financial system is designed to report systemic control fraud.  It is designed to expose low level fraud.  Fraudsters at that level do not control the system.

IFRS is a means for the masters of the financial world to control the fraud for their benefit.

International Financial Reporting Standards (IFRS) are defined by Wikipedia here at this link.  It describes this background to the to the current standards.

"IFRS began as an attempt to harmonise accounting across the European Union but the value of harmonisation quickly made the concept attractive around the world. They are sometimes still called by the original name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new International Accounting Standards Board took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards International Financial Reporting Standards (IFRS).

In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework."

The International Accounting Standards Board (IASB) is the independent, accounting standard-setting body of the IFRS Foundation.^[1] 


The International Financial Reporting Standards Foundation, or IFRS Foundation, is a nonprofit accounting organization. Its main objectives include the development and promotion of the International Financial Reporting Standards (IFRSs) through the International Accounting Standards Board (IASB), which it oversees.^[1][3]
The foundation was formerly named the International Accounting Standards Committee (IASC) Foundation until a renaming on 1 July 2010, and as of 2012 is governed by a board of 22 trustees.<sup>[4]

The IFRS website is at this link here.</sup>