Question

In an article for the International Journal of Accounting, Auditing and Performance Evaluation, the scholars Axel Haller and Maria Scholssgang maintained that:

"According to the Framework of the IASB, profit is a frequently used measure of an

entity's performance. Yet in developing its standards, the IASB has not paid much

attention to the presentation of profit, but primarily concentrated on recognition and

measurement requirements. As a consequence, the International (Accounting) Financial

Reporting Standards (IAS/IFRS) do not provide a sound conceptual basis for the

presentation of income and expenses.”

Do you agree or disagree with their assessment? Why? (Please limit your response to 200 words or less)

Answer 1