Proposal for improved financial statements under IFRS

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 examp...

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Main Authors:	Kjell Magne Baksaas, Tonny Stenheim
Format:	Article
Language:	English
Published:	Taylor & Francis Group 2019-01-01
Series:	Cogent Business & Management
Subjects:	primary financial statements statement of financial performance statement of financial position decision usefulness business model presentation
Online Access:	http://dx.doi.org/10.1080/23311975.2019.1642982

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spelling	doaj-59f34483f9f743ada65802dd9587ce582021-07-15T13:47:56ZengTaylor & Francis GroupCogent Business & Management2331-19752019-01-016110.1080/23311975.2019.16429821642982Proposal for improved financial statements under IFRSKjell Magne Baksaas0Tonny Stenheim1University of South-Eastern NorwayUniversity of South-Eastern NorwayThe 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.http://dx.doi.org/10.1080/23311975.2019.1642982primary financial statementsstatement of financial performancestatement of financial positiondecision usefulnessbusiness modelpresentation
collection	DOAJ
language	English
format	Article
sources	DOAJ
author	Kjell Magne Baksaas Tonny Stenheim
spellingShingle	Kjell Magne Baksaas Tonny Stenheim Proposal for improved financial statements under IFRS Cogent Business & Management primary financial statements statement of financial performance statement of financial position decision usefulness business model presentation
author_facet	Kjell Magne Baksaas Tonny Stenheim
author_sort	Kjell Magne Baksaas
title	Proposal for improved financial statements under IFRS
title_short	Proposal for improved financial statements under IFRS
title_full	Proposal for improved financial statements under IFRS
title_fullStr	Proposal for improved financial statements under IFRS
title_full_unstemmed	Proposal for improved financial statements under IFRS
title_sort	proposal for improved financial statements under ifrs
publisher	Taylor & Francis Group
series	Cogent Business & Management
issn	2331-1975
publishDate	2019-01-01
description	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.
topic	primary financial statements statement of financial performance statement of financial position decision usefulness business model presentation
url	http://dx.doi.org/10.1080/23311975.2019.1642982
work_keys_str_mv	AT kjellmagnebaksaas proposalforimprovedfinancialstatementsunderifrs AT tonnystenheim proposalforimprovedfinancialstatementsunderifrs
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Proposal for improved financial statements under IFRS

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