Preserving Wealth - XBRL:  Financial Reporting Standardization

Aaron Zeide, Elliott Davis Capital Partners

A company’s financial statements, when prepared in accordance with Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), can provide investors, creditors, and directors with a significant, clear understanding of the past, present, and future financial health of the business. Because financial statements are relied upon by so many stakeholders for decision-making purposes, decades of scholarly, commercial, and political activity has centered on improving the accuracy and timeliness of financial reporting. As financial reporting has taken on a larger role, so has the importance of the annual audit.