Businesses have become more global and more complex. Whether you are a manager, a student, or someone generally interested in corporate activities, you would need information as well as being able to understand it. Companies all over the world are required to generate financial information, if for no other reason than to settle their tax affairs.
Multinational corporations and larger companies, such as those listed on stock ex- changes, must make financial reports public, and the nature and type of that information is strictly regulated. Companies must comply with accounting standards set by regulatory bodies. These may include professional accounting associations and the government.
Many countries use International Financial Reporting Standards issued by the IFRS Foundation. This is a not-for-profit international organization that has developed a single set of high-quality global accounting standards. These standards can be complex, but this book explains the nuts and bolts of international accounting and what is required of companies in easy-to-understand, non-technical jargon.