International Accounting Standards Board (IASB)
This is essentially the international equivalent of the Financial Accounting Standards Board (FASB).
International Organization of Securities Commissions (IOSCO)
This is essentially the international equivalent of the U.S. Securities and Exchange Commission (SEC).
Financial Accounting Standards Board (FASB)
The FASB is a non-governmental body that sets accounting standards for all companies issuing audited financial statements. All FASB pronouncements are considered authoritative; new FASB statements immediately become part of GAAP.
U.S. Securities and Exchange Commission (SEC)
In the U.S., the form and content of the financial statements of companies whose securities are publicly traded are governed by the SEC through its regulation S-X. Although the SEC has delegated much of this responsibility to the FASB, it frequently adds its own requirements. The SEC functions as a highly effective enforcement mechanism for standards promulgated in the private sector.
Audited financial statements, related footnotes, and supplementary data are presented in both annual reports sent to stockholders and those filed with the SEC. These filings often contain other valuable information not presented in stockholder reports.
Convergence of Global Financial Reporting Standards
As capital markets become more international in scope, the need for global accounting standards and the demand for multiple listings has grown. The IASB and FASB, along with other standard-setters, are working to achieve convergence of financial reporting standards.
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