<P> Recently there has been a push towards standardizing accounting rules made by the International Accounting Standards Board ("IASB"). IASB develops International Financial Reporting Standards that have been adopted by Australia, Canada and the European Union (for publicly quoted companies only), are under consideration in South Africa and other countries . The United States Financial Accounting Standards Board has made a commitment to converge the U.S. GAAP and IFRS over time . </P> <P> To entice new investors, public companies assemble their financial statements on fine paper with pleasing graphics and photos in an annual report to shareholders, attempting to capture the excitement and culture of the organization in a "marketing brochure" of sorts . Usually the company's chief executive will write a letter to shareholders, describing management's performance and the company's financial highlights . </P> <P> In the United States, prior to the advent of the internet, the annual report was considered the most effective way for corporations to communicate with individual shareholders . Blue chip companies went to great expense to produce and mail out attractive annual reports to every shareholder . The annual report was often prepared in the style of a coffee table book . </P>

Report on different accounting methods financial statements and audit