Financial reporting standards have existed for decades. Yet the same mistakes continue to appear in financial statements, audit files, and regulatory findings.

So why does financial reporting still go wrong?

In this episode, Wayne Basford and Judith Leung explore the recurring issues they see across audits, financial statements, and regulatory reviews. They discuss why standards that appear straightforward in theory are frequently misunderstood or misapplied in practice.

The discussion previews several areas where errors continue to occur, including construction contracts under IFRS 15, financial instruments under IFRS 9, business combinations under IFRS 3, deferred tax under IAS 12, and the risks created when auditors misunderstand controls or complex IT systems.

This episode also introduces the Basford Consulting webinar series, which examines the practical judgment areas where financial reporting and audit work most often go wrong.

If you prepare, audit, review, or oversee financial statements, this conversation will sharpen your understanding of why financial reporting errors persist and what professionals can do to avoid them.

🎧 In this episode, you’ll learn:

• Why financial reporting errors persist even decades after IFRS adoption
• Why auditors cannot ignore the control environment
• How IFRS 15 construction contracts create complex judgments
• Where financial instrument classification errors still occur under IFRS 9
• Why complex IT systems create audit risk

Financial Reporting Conversations is brought to you by Basford Consulting helping professionals go beyond compliance and get financial reporting right.

For technical insights, training, and resources that make the unknowns in financial reporting known, visit basfordconsulting.com

🔗 Connect with us:
LinkedIn: Wayne Basford & Judith Leung
YouTube: @BasfordConsulting
Website: basfordconsulting.com