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The Need to Reform the Dangerous IFRS System of Accounting

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  • Richard Jacques

    (Autorité des Normes Comptables (ANC) Committee, Dauphine University of Paris, Paris, France)

Abstract

As a fundamental instrument of financial capitalism the today’s IFRS system of accounting is not only totally unsuitable for the needs of a new ecological world but also represents a serious menace for the development of a sound economic system. The goal of this article is to explain the main reasons for this criticism and to suggest some elements of reconstruction of the today’s accounting system with a new international environmental accounting to be promoted by the European Union.

Suggested Citation

  • Richard Jacques, 2017. "The Need to Reform the Dangerous IFRS System of Accounting," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 7(2), pages 93-103, July.
    • Handle: RePEc:bpj:aelcon:v:7:y:2017:i:2:p:93-103:n:13
    DOI: 10.1515/ael-2017-0017
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    References listed on IDEAS

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    1. repec:dau:papers:123456789/15215 is not listed on IDEAS
    2. Richard, Jacques, 2015. "The dangerous dynamics of modern capitalism (from static to IFRS’ futuristic accounting)," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 30(C), pages 9-34.
    3. Kay, John A, 1976. "Accountants, Too, Could Be Happy in a Golden Age: The Accountant's Rate of Profit and the Internal Rate of Return," Oxford Economic Papers, Oxford University Press, vol. 28(3), pages 447-460, November.
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