Mind the gap: defining and exploring International Financial Reporting Standards System

• Autor(a) principal: Luccas, Rudah Giasson
• Data de Publicação: 2021
• Tipo de documento: Tese
• Idioma: eng
• Título da fonte: Biblioteca Digital de Teses e Dissertações da USP
• Texto Completo: https://www.teses.usp.br/teses/disponiveis/12/12136/tde-12042021-181135/
• topic: Accounting conventions; Convenções contábeis; IFRS; IFRS; International standards; Normas internacionais

Accounting as a science is built on practical evidence and has the fundamental role of strengthen accountability to users. The purpose of this constructed system is to reduce informational asymmetries among various users and market participants involved with the reporting companies. The broadening complexity of economic events has increased the challenges in the process of issuing accounting principles and the adoption by the preparers of a descriptive framework of procedures. This comparable and standardized framework used in the markets is known as Generally Accepted Accounting Principles (GAAP). GAAP seeks to filter out unsound practices, reducing to a reasonable number of \'accepted\' practices and thus contributing to the quality and harmonization of the information provided. The international GAAP, notably known and used across the globe, are IFRS (International Financial Reporting Standards). This framework, issued by the IFRS Foundation, does not pretend to completeness of all existing situations and gaps will emerge. Therefore, this research aims to explore the additional sources of IFRS embedded with the necessary legitimacy and in a way that makes it harmonized and common knowledge around the globe. This means that I define the international accounting system and discuss who fills the gaps in practices in such a way that the companies that adopt, supervise, and analyse them can perform their functions. This is necessary because in the process of identifying economic events, there are accounting conventions that will be filtered in the process of issuing accounting standards. Based on an innovative analogy of IFRS as an iceberg, I empirically studied how IFRS\'s guidances have been issued and how companies apply it.