Why is no one calling this out? v.04

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Why no one competes with IFRS? Why?

No one can be acknowledged as an auditor if not because of them? That is too much power don't you think? Like a pile of sugar on the ground with ants just passing by

Audit is a human thing, no one gets to be human (officially) if not acknowledged by them?

I'm not saying they are bad people, I'm saying the situation is hen(変) big time. 

XBRL accommodates the integration of multiple standards, we should have multiple standards, multiple point of views... why are we no competing with IFRS?


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CPA I meant the CPA for Auditors, I don't know why it slipped like that out of my thoughts. But yeah the certification business is a monopoly, even though they are just "organization" as if it is distinct from "businesses", they monopolize and monetize.

Why are we not competing with these organizations? Not blaming them but a working formula is hard to renew even though there might be others that are as good. And we are poorer as the harder and the harder those are to transform. 

Picture this, if we had multiple standards, open source databases of ways they were translated to each other around the world, and an application that enabled us to project them into our financial statements... wouldn't that be such a powerful way to assess a financial statement?

With only one audited standard, we could click, click, click, to see possible different versions of it. If we were to compare between different financial statements, we could do the same as well. Read between the versions instead of just take one standard at its face value. Haven't we already doing that for the secondary market share prices analysis? Why can't we do that for financial statements as well?

Personally I wouldn't value the variations' presentations to be inferior to those results produced by a single monopoly system.

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So lets say a standard regulate that this industry should use the weighted average method for their inventory instead of LIFO, and another standard said that any methods are fine. Based on open information on how the other standard usually would differ from the current standard, for the type of industry, the software could simulate possible variations of the figures in the current financial statement.

At first you would need data from expert auditors of both standards to fill the database. Then when the database was good enough, the easier it would be to perform the translations. After that it would be quite seamless for all auditors to produce electronic financial statements that are dynamic and accommodates different standards. 

If we could reach that stage, from there on, users then could start to reliably click between standards for electronic financial statements analysis. To compare between industry, to create projections and compare the results, to learn or research the power of predictions of the different interpretations, preferred interpretations between different types of users as well as the usage, and wiser decision making by the respective company management.

We need different standards, we need different point of views. When we are dealing with many variables, confusion is more intuitive than certainty. 

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