An Overview of the Current Financial Reporting Frameworks

This article provides an overview of the financial reporting frameworks. In this regard, first, the financial reporting frameworks have been explained in the USA and then the way in which standards have been formulated in Iran and the reasons for the differences in national standards have been discussed. It is important to note that the purpose of financial reporting frameworks is to assist the board in formulating accounting standards, to assist auditors in commenting on financial statements, and ultimately to assist users of financial statements. Therefore, financial reporting frameworks can be considered as constitutional, which on the one hand sets out the general principles for formulating standards in the field of standardization and on the other hand the content of financial statements in the user domain. It should also be noted that the constitution must maintain its credibility over the long term and not change with the slightest change in the workplace. However, the current elaborative frameworks have not been formulated as such and contain details that may lead to failure in achieving the objectives