tilinpäätöskehysten

Tilinpäätöskehykset, often translated as financial reporting frameworks, are the established principles, rules, and standards that guide the preparation and presentation of financial statements. These frameworks ensure that financial information is consistent, comparable, and reliable, allowing stakeholders such as investors, creditors, and regulators to make informed decisions.

The most widely recognized framework globally is the International Financial Reporting Standards (IFRS). IFRS is issued by the International Accounting Standards Board (IASB) and is used in over 140 jurisdictions. In the United States, the primary framework is Generally Accepted Accounting Principles (US GAAP), established by the Financial Accounting Standards Board (FASB). Many countries also have their own national accounting standards that may be based on or converge with IFRS.

The purpose of a financial reporting framework is to provide a common language for business and economic activities. They dictate how transactions and other events should be recognized, measured, presented, and disclosed in financial statements. Key elements typically covered include the conceptual framework, which outlines the objectives of financial reporting and the qualitative characteristics of useful financial information, as well as specific accounting standards for various types of transactions and balances, such as revenue recognition, leases, and financial instruments.

Adherence to a specific framework is crucial for transparency and accountability. Companies must disclose which framework they are using in their financial statements. The continuous development and revision of these frameworks by standard-setting bodies reflect changes in the business environment and evolving user needs.