Controversial Issues on Financial Performance Audit and Reporting

Author:University Professor, PhD. Ion IONAŞCU, Assistant PhD Mihaela IONAŞCU

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Keywords:IFRS financial reporting, companies’ performance, revenues, finance costs, supplementary information, audit of financial statements

Abstract:
The purpose of this paper is to put forward for discussion controversial issues regarding IFRS financial performance reporting, which may trigger difficulties in drafting and auditing of financial statements. This article deals at first with certain information which is required to be presented within financial statements according to IFRS, but which is ill or un-defined, producing conceptual misunderstandings and ambiguity in financial reporting practices. \r\n\r\nAnd then, the paper analyses different forms of financial performance measurement, which are not defined in the IFRSs but are presented within annual reports as supplementary information, as the management considers them to be a more suitable indicator of company’s performance.

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