Financial Statements and Reports
How are the statements integrated?
In the US, following Generally Accepted
Accounting Principles (GAAP) set by the
Financial Accounting Standards Board (FASB)
and certified by an auditor
Abroad, following International Financial
Reporting Standards (IFRS) set by the
International Accounting Standards Board (IASB)
In 2010, the SEC affirmed its support of a single
standard, with IFRS as the preferred method, but
it is still unclear as to when IFRS will be adopted.