Accounting & Reporting
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Overview
Globally recognized for our finance and accounting services, we understand that accounting and reporting are governed by a framework of standards and regulations designed to ensure transparency, accuracy, and comparability of financial information.
- Generally Accepted Accounting Principles (GAAP): GAAP is the framework used for financial reporting. It encompasses a set of principles, standards, and procedures that companies follow when preparing their financial statements. GAAP is established by the Financial Accounting Standards Board (FASB) for the private sector and the Governmental Accounting Standards Board (GASB) for state and local governments.
- Financial Accounting Standards Board (FASB): FASB is the primary standard-setting body for accounting standards in the private sector. It develops and updates GAAP to ensure that financial reporting is relevant, reliable, and consistent across different entities.
- Securities and Exchange Commission (SEC): The SEC is the federal agency responsible for enforcing securities laws and regulating the securities industry, including financial reporting by publicly traded companies. It requires companies to file periodic reports (such as annual reports on Form 10-K and quarterly reports on Form 10-Q) that adhere to GAAP standards.
- International Financial Reporting Standards (IFRS): While GAAP is the primary accounting framework, there has been increasing convergence with international accounting standards, particularly with IFRS. The SEC allows certain foreign companies to use IFRS for their filings with reconciliation to GAAP.
- Auditing Standards: Audits of financial statements in the USA are conducted by independent certified public accountants (CPAs) who follow auditing standards established by the Public Company Accounting Oversight Board (PCAOB) for public companies and the American Institute of Certified Public Accountants (AICPA) for private companies.
- Regulatory Compliance: Apart from financial reporting standards, companies in the USA must comply with various regulations such as the Sarbanes-Oxley Act (SOX), which enhances corporate governance and internal controls, and the Dodd-Frank Wall Street Reform and Consumer Protection Act, which addresses financial regulatory reform.
- Tax Reporting: In addition to financial reporting, companies must also comply with tax reporting requirements set by the Internal Revenue Service (IRS). This involves filing annual tax returns and adhering to tax laws and regulations.
As one of the Top Accounting Companies in USA, we ensure that accounting and reporting are characterized by a robust regulatory framework aimed at ensuring transparency, accountability, and reliability in financial reporting, thereby fostering investor confidence and market integrity.
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A Technical Overview on the International Financial Reporting Standards (IFRS)
In the realm of global finance and accounting, International Financial Reporting Standards (IFRS) stand as a set of principles-based accounting standards adopted by countries around the world to promote transparency, comparability, and consistency in financial reporting.
