Learning Outcome Statements

1. The Objective of Financial Reporting

a. describe the objective of financial statements and the importance of financial reporting standards in security analysis and valuation;

2. Financial Reporting Standard-Setting Bodies and Regulatory Authorities

b. describe roles and desirable attributes of financial reporting standard-setting bodies and regulatory authorities in establishing and enforcing reporting standards, and describe the role of the International Organization of Securities Commissions;

c. describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards;

3. The International Financial Reporting Standards Framework

d. describe the International Accounting Standards Board's conceptual framework, including the objective and qualitative characteristics of financial statements, required reporting elements, and constraints and assumptions in preparing financial statements;

4. General Requirements for Financial Statements

e. describe general requirements for financial statements under International Financial Reporting Standards (IFRS);

5. Comparison of IFRS with Alternative Reporting Systems

f. compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles (US GAAP) reporting systems;

6. Effective Financial Reporting

g. identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;

7. Monitoring Developments in Financial Reporting Standards

h. describe implications for financial analysis of differing financial reporting systems and the importance of monitoring developments in financial reporting standards;

i. analyze company disclosures of significant accounting policies.