Today’s financial environment has been characterized by dynamics in the pace at which transformations in accounting standards are taking place and the techniques being adopted for committing financial fraud.  Are the transformations in accounting standards being designed with an objective of prevention of financial frauds in mind?  The most plausible answer is in the negative as the entire focus of moving over to IFRS is on the Balance Sheet depicting a true and fair view of the company’s assets and liabilities.  The focus, thereby, has been on correctness of the Balance Sheet rather than prevention of financial fraud. But a Balance Sheet which lays more emphasis on correctness is likely to help prevent fraud as well.