Critical View of Relation between Tax and Financial Reporting with the Emphasis on Existence of Two Financial Reporting Systems in One Jurisdiction

The contribution of Nobes and Schwencke in the article “Modelling the Links between Tax and Financial Reporting: A Longitudinal Examination of Norway over 30 Years up to IFRS Adoption” was a model of the development of tax and financial reporting links. Norway has moved from a “continental” position to one that exceeds the disconnection of tax from financial reporting. The use of IFRS allows possibility of two “systems” of financial reporting within one jurisdiction.