The need to reform the dangerous IFRS system of accounting

Abstract

As a fundamental instrument of financial capitalism the today's IFRS system of accounting is not only totally unsuitable for the needs of a new ecological world but also represents a serious menace for the development of a sound economic system. The goal of this article is to explain the main reasons for this criticism and to suggest some elements of reconstruction of the today's accounting system with a new international environmental accounting to be promoted by the European Union.