Use our financial reporting calculator beneath, as a basic test to decide if your company has an ongoing or future filing obligation below either the Firms Act 1993 or the FMC Act. Financial reporting entails the disclosure of financial data to management and the public (if the company is publicly traded) about how the company is performing more than a distinct period of time. There may be suggested locations for improvement to be considered in the preparation of the future year’s monetary statements.
All public companies in the U.S. are mandated by the Securities and Exchange Commission ( SEC ) to tag economic statements employing eXtensible Company Reporting Language ( XBRL ). Although the deadline is nevertheless a moving target, the United States is at present operating to merge the Generally Accepted Accounting Requirements ( GAAP ) with the International Financial Reporting Standards ( IFRS ) to develop new financial reporting requirements.
There is substantial flexibility for companies to disclose relevant data (such as reporting in a separate report), as effectively as they may possibly rely on international, European or national guidelines (e.g. the UN Global Compact , the OECD Recommendations for Multinational Enterprises , ISO 26000 , etc.).
The above factors are provided as a basic guideline, and ACRA reserves the right to conduct any review of monetary statements as deemed needed. Updated to add the constant financial reporting (CFR) framework guidance for 2016 to 2017 monetary year.
Copyright in the International Financial Reporting Standards (like International Accounting Standards and Standing Interpretations Committee (SIC) and International Financial Reporting Interpretations Committee (IFRIC) Interpretations), International Accounting Standards Board (IASB) Exposure Drafts, and other IASB publications belong to the IFRS Foundation.…