IN many boardrooms, financial statements are treated like a sealed envelope. They are opened briefly, reviewed for key figures, then quietly set aside once the auditors have signed. The assumption is simple: accountants prepared the numbers and auditors checked them, so everything must be fine. That assumption is becoming dangerous. Today, financial statements prepared under the International Financial Reporting Standards, or IFRS, are not just technical reports. They tell a story about...

IN today’s business environment, trust is becoming as important as profit. Investors, lenders, regulators and even employees want to know not just how much a company earns, but how it earns it. One accounting area now receiving renewed attention is related party disclosures — a topic governed by IAS 24. Related party transactions are not illegal. In fact, they are common, especially in family-owned businesses, conglomerates and growing groups of companies. Problems arise when these...

IN the 2020s, BS Management Accounting (BSMA) emerged as a newly introduced program in various colleges and universities, serving as an...