Problem:
Write a 1-2 page research summary on the document below authored by Sunder. Focus your paper on Sunder's five key elements of consensus for common accounting standards for multinationals.
IFRS and the Accounting Consensus
SYNOPSIS: A broad consensus in accounting favors principles over rules to guide creation of a uniform high-quality set of standards for use everywhere, and granting monopoly power to a single body for this purpose. If implemented into policy, this consensus will discourage discovery of and evolution toward better methods of financial reporting, make it difficult to conduct comparative studies of the consequences of using alternative methods of accounting, promote substitution of analysis and thinking by rote learning in accounting classes, help discourage talented youth from collegiate pro- grams in accounting, and probably endanger the place of accounting discipline in uni- versity curricula. Because the presumed benefits in the form of increased comparability of financial reports internationally or stateside are unlikely to be realized, the wisdom of undertaking these burdens remains questionable. The paper calls for a re-examination of the accounting consensus.
Keywords: accounting education; accounting standards; IFRS; uniformity. JEL Classifications: M41; M44.
INTRODUCTION:
This paper presents a heterodox perspective on International Financial Reporting Standards