December 2018
Beginner
384 pages
10h 9m
English
Content preview from Reading Financial Reports For Dummies, 3rd Edition
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Chapter 20
Creating a Global Financial Reporting Standard
IN THIS CHAPTER
Developing uniform global financial reporting standards
Seeing who benefits from standardization
Examining the differences between reporting systems
As more companies operate globally, the need grows for common financial reporting rules. Today many global companies must prepare financial statements in every country in which they operate, to meet each country's reporting requirements. They also must keep the books according to U.S. generally accepted accounting principles (GAAP) rules (see Chapter 18), if the company is a U.S. company, and must meet the standards of the International Financial Reporting Standards (IFRS), or possibly other standards set by government officials in the country in which they're based.
Financial regulatory institutions plan to meld the standards at some point in the future. Today more than 100 countries use the IFRS as the public reporting standard. The IFRS may be used in almost every country, including the U.S, if the company is based in another country. In this chapter, I explore why a move to develop a global public reporting standard is underway, and I introduce you to the ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.