Swiss Holdings director Peter Baumgartner has launched a scathing attack on IFRS and the standard setters who created the accounting rules, calling for it's oversight body to redirect it's efforts.

Baumgartner said the International Accounting Standards Board recent approach led to 'financial reporting that is not reflecting business reality in many areas.'

'Particularly perturbing is that it is not properly prioritising the practical information needs of investors and analysts, the ultimate users of published financial statements.

'SwissHoldings, a business organisation, with some of its 46 multinational member companies among the first IFRS preparers, hopes that the International Accounting Standards Committee Foundation's current review will find a way to redirect the IASB's efforts better to address the concerns of the business community. The benefits of globally accepted IFRS will be reaped only if accounting follows business,' Baumgartner said.

Further reading:

Accounting: Seconds out

Critics demand fair value rethink

Lagarde calls for changes to fair value accounting