Financial accounting information is reported in accordance with the accounting standards. The accounting standards represent a set of principles generally accepted by the accounting profession and the users of accounting information. This set of accounting principles is called as Generally Accepted Accounting Principles (GAAP).
In the United States, the Financial Accounting Standards Board (FASB) develops the accounting standards to be applied by U.S. entities. The accounting standards are organized in the form of codification. The codification of accounting standards is provided on the FASB web site. (http://asc.fasb.org)
International Financial Reporting Standards (IFRS) provide the guidance for public entities operating in the countries that adopted IFRS as its accounting standards. The International Accounting Standards Board (IASB) develops International Financial Reporting Standards (IFRS). IFRS was adopted by more than 100 countries including the member states of the European Union (EU). The text of IFRS is provided on the IASB web site. (http://www.ifrs.org)
Public entities in the United States are required to file the quarterly and annual reports with the Securities and Exchange Commission (SEC). The form 10-K is an annual report and 10-Q is a quarterly report.