Category Archives: IFRS Resources

SEC Guidance for Foreign Private Issuers

The U.S. capital markets have long been a favored destination for foreign companies wishing to raise capital or establish a trading presence for their securities. The SEC provides a general overview of the relevant laws and regulations governing the U.S. securities markets with which foreign companies wishing to access the U.S. capital markets should be familiar. In addition, it provided some additional information to further clarify the matter.

Accounting Research Manager

Accounting Research Manager is a comprehensive financial reporting knowledge base that provides materials designed to help solve your most pressing issues. Updated daily, it is the most timely, complete, interpretive, and objective resource for your financial reporting needs. Discover how it can answer your specific issues through our various modules and access IASB (including IFRS), FASB, AICPA, SEC, EITF, PCAOB, IIA, COSO, GASB, GAO, and OMB content in one searchable database.

IASB-Conceptual Framework for Financial Reporting

The Conceptual Framework for Financial Reporting (Conceptual Framework) describes the objective of, and the concepts for, general purpose financial reporting. The Conceptual Framework is, in other words, the starting point in the development of financial standards.

The purpose of the Conceptual Framework is to:

(a) assist the International Accounting Standards Board (Board) to develop IFRS Standards (Standards) that are based on consistent concepts;

(b) assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy, and

(c) assist all parties to understand and interpret the Standards.

Perhaps the most important point to consider is point b. The Conceptual Framework provides guidelines for the preparers of financial statements to develop reporting standards in areas where no standards have been developed. In other words, it allows for the exercise of professional judgment in the preparation of financial statements.

Additional information is provided here.