IFRS / GAAP Reporting

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Standards: IFRS Foundation Standards (IAS + IFRS, currently IAS 1, IAS 2, IAS 7, IAS 8, IAS 12, IAS 16, IAS 19, IAS 36, IAS 38, IFRS 9, IFRS 15, IFRS 16, IFRS 17, IFRS 18), FASB Accounting Standards Codification (ASC) — ASC 105, ASC 205, ASC 230, ASC 250, ASC 326, ASC 330, ASC 350, ASC 360, ASC 606, ASC 740, ASC 805, ASC 842, ASC 944, AICPA Statements on Auditing Standards, IFRS Conceptual Framework (2018), FASB Conceptual Framework (SFAC 8), SEC Regulation S-X (US listed-company financial statements), IFRS for SMEs Standard.

Purpose

Financial statements are the universal language of business — how the company reports its position (balance sheet) and performance (income statement, cash flow, equity changes) to investors, lenders, tax authorities, regulators, customers, and partners. IFRS (used by 140+ countries) and US GAAP (used by the United States, Japan partially) are the two dominant frameworks; both converged significantly through the 2007-2018 joint projects but remain distinct on important topics.