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    FORM 20K) For Other Countries: Annual Report Is Not A Substitute For This. Semiannually

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    Neeraj Sharma
    Reporting standards exist to provide consistency and transparency in financial reporting. The two main standard setting bodies are the International Accounting Standards Board (IASB) which issues International Financial Reporting Standards (IFRS), and the Financial Accounting Standards Board (FASB) which issues accounting principles generally accepted in the United States (US GAAP). While IFRS and US GAAP share some similarities, they also have important differences in how they define terms like assets and handle things like asset valuation. Both standard setters aim to develop coherent frameworks for financial reporting, but face barriers like differing approaches to standard setting, valuation, and measurement.

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    FORM 20K) For Other Countries: Annual Report Is Not A Substitute For This. Semiannually

    Uploaded by

    Neeraj Sharma
    21 views2 pages
    Reporting standards exist to provide consistency and transparency in financial reporting. The two main standard setting bodies are the International Accounting Standards Board (IASB) which issues International Financial Reporting Standards (IFRS), and the Financial Accounting Standards Board (FASB) which issues accounting principles generally accepted in the United States (US GAAP). While IFRS and US GAAP share some similarities, they also have important differences in how they define terms like assets and handle things like asset valuation. Both standard setters aim to develop coherent frameworks for financial reporting, but face barriers like differing approaches to standard setting, valuation, and measurement.

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    cfa 2

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    Reporting standards exist to provide consistency and transparency in financial reporting. The two main standard setting bodies are the International Accounting Standards Board (IASB) which issues International Financial Reporting Standards (IFRS), and the Financial Accounting Standards Board (FASB) which issues accounting principles generally accepted in the United States (US GAAP). While IFRS and US GAAP share some similarities, they also have important differences in how they define terms like assets and handle things like asset valuation. Both standard setters aim to develop coherent frameworks for financial reporting, but face barriers like differing approaches to standard setting, valuation, and measurement.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    21 views2 pages

    FORM 20K) For Other Countries: Annual Report Is Not A Substitute For This. Semiannually

    Uploaded by

    Neeraj Sharma
    Reporting standards exist to provide consistency and transparency in financial reporting. The two main standard setting bodies are the International Accounting Standards Board (IASB) which issues International Financial Reporting Standards (IFRS), and the Financial Accounting Standards Board (FASB) which issues accounting principles generally accepted in the United States (US GAAP). While IFRS and US GAAP share some similarities, they also have important differences in how they define terms like assets and handle things like asset valuation. Both standard setters aim to develop coherent frameworks for financial reporting, but face barriers like differing approaches to standard setting, valuation, and measurement.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Reading 22-

    1. Reporting statndards, why they exist and who issues then and who enforces them?
    2. Difference between roles of private standard setting bodies and gov regulatory authorities.
    And be able to name the most imp organisation of both kind.
    3. Framework of IFRS
    4. Convergence of US GA{P with IFRS
    5. IASB: conceptual framework for financial reporting 2010:
    6. Not solely for valuation but provides some inputs for valuation.
    7. Standard setting bodies: org of accountants and auditors.
    8. Two Standard setting bodies are : IASB and FASB
    9. Desirable attributes of standard setters: (IMP)
    10. FCA in UK is same as SEC in USA.
    11. IOSCO: most imp authoritie: reduce systematic risk, protect investor and fairness
    12. SEC imp fillings
    - FORM S1- Registration statement filled prior to sale of new securities to public
    - FORM 10K – Annual filling – must be audited and for Canadian companies (FORM 40K) and
    (FORM 20K) for other countries: Annual report is not a substitute for this.
    - FORM 10 Q- Quat filing- not required to be audited For other countries (FORM 6K -
    SEMIANNUALLY)
    - DEF-14A : Prior to proxy statement.
    - FORM 8K- Chagne in management, acquisition and disposal.
    - FORM 144: issuance of securities without SEC intervention.
    - FORM3,4 & 5 : Beneficial ownership of securities by a company’s officers and directors.
    13. IFRS and US GAAP:
    - 2010 IASB appointed conceptual framework for financial reporting IFRS.
    14. 4 characteristics that enhance the qualitative characteristics of financial info:
    - Comparability
    - Verifiability
    - Timeliness
    - Understandibility
    15. Features of preparing financial statements (IAS):
    - Fair presentation
    - Going concern basis
    - Accrual basis : used for preparing financial statements other than the cash flow.
    - Consistency: on how items are presented and classified with prior period amounts disclosed
    for comparison.
    - Materiality: should be free of miss statements or omission.
    - Aggregation: Of similar items and separation of dissimilar items.
    - No offsetting of assets against liabilities or income against expenses unless specific standard
    permits it.
    - Comparative info for prior periods should be included unless specific standard says
    otherwise.
    16. Comparison of IFRS and GAAP:
    - FASB: Defines an asset as a future economic benefit, however IASB: it is a resource for which
    future economic benefit is expected to flow.
    - FASB does not allow upward valuation of an asset
    17. Characteristics of a coherent financial reporting Framework
    - Transparent
    - Comprehensive
    - Consistent
    18. Barriers of a coherent financial reporting Framework:
    - Valuation
    - Standard setting: 3 approaches are principal based (IFRS), rule based (GAAP) and object
    oriented(Common conceptual framework).
    - Measurement: Point in time Difference used to prepare financials by Setters.

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