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International Financial Statement Analysis Workbook, 2nd Edition by Michael A. Broihahn CFA, Anthony T. Cope CFA, Wendy L. Pirie CFA, Elaine Henry CFA, Thomas R. Robinson CFA

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CHAPTER 3

FINANCIAL REPORTING STANDARDS

LEARNING OUTCOMES

After completing this chapter, you will be able to do the following:

  • Describe the objective of financial statements and the importance of financial reporting standards in security analysis and valuation.
  • Describe the roles and desirable attributes of financial reporting standard-setting bodies and regulatory authorities in establishing and enforcing reporting standards, and describe the role of the International Organization of Securities Commissions.
  • Describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards.
  • Describe the International Accounting Standards Board’s conceptual framework, including the objective and qualitative characteristics of financial statements, required reporting elements, and constraints and assumptions in preparing financial statements.
  • Describe general requirements for financial statements under IFRS.
  • Compare key concepts of financial reporting standards under IFRS and U.S. GAAP reporting systems.
  • Identify the characteristics of a coherent financial reporting framework and the barriers to creating such a framework.
  • Explain the implications for financial analysis of differing financial reporting systems and the importance of monitoring developments in financial reporting standards.
  • Analyze company disclosures of significant accounting policies.

SUMMARY OVERVIEW

  • The Objective of Financial Reporting: ...

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