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International Financial Statement Analysis, 3rd Edition by Anthony T. Cope, Michael A. Broihahn, Wendy L. Pirie, Elaine Henry, Thomas R. Robinson

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CHAPTER 3

FINANCIAL REPORTING STANDARDS

Elaine Henry, CFA

Jan Hendrik van Greuning, CFA

Thomas R. Robinson, CFA

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 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 International Financial Reporting Standards (IFRS);
  • compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles (US GAAP) reporting systems;
  • identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;
  • describe implications for financial analysis of differing financial reporting systems and the importance of monitoring developments ...

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