¶ … Reporting
Accounting Information Systems: General Purpose Reporting According to the Conceptual Framework
The International Financial Reporting Standards Foundation and its development and publication arm, the International Accounting Standards Board, were created for the express and direct purpose of establishing standardized accounting and reporting procedures so as to make accounting knowledge and comparisons more meaningful. Since the creation of these entities, many specific issues have been raised and a host of suggestions, standards, and rules for the reporting of financial information have been adopted, such that the purpose of the Foundation and the Board are being well-served by these activities. In addition, certain general principles and regulations regarding accounting and financial reporting have been laid out, and the purpose of these principles will be discussed below.
General Reporting Principles
The IFRS Foundation and the IASB have published a framework for all of their activities that defines thee purpose and intent of all regulations, standards, and recommendations published by these entities (IASB 2008). The general purpose of this framework is clearly stated as the facilitation of "the consistent and logical formation of IFRSs [international financial reporting standards]" (IASB 2008, p. 64). This includes the "recognition, measurement, presentation and disclosure requirements" of general purpose financial statements and accounting practices, which can be seen as a necessary part of the IASB's mission (IASB 2008, p. 64).
The International Public Sector Accounting Standards Board, a group very similar in purpose and intent to the IFRS and the IASB though devoted to public entities rather than private...
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