Financial Reporting Standards 45 Introduction 46 The Objective of Financial Reporting 46 Standard-

Setting Bodies and Regulatory Authorities 47 Accounting Standards Boards 48 Regulatory Authorities 49
The International Financial Reporting Standards Framework 54 Qualitative Characteristics of Financial
Reports 54 Constraints on Financial Reports 55 The Elements of Financial Statements 56 General
Requirements for Financial Statements 58 Comparison of IFRS with Alternative Reporting Systems 61
Monitoring Developments in Financial Reporting Standards 62 New Products or Types of Transactions 63
Evolving Standards and the Role of CFA Institute 63