Under current public scrutiny, the quality of financial reports has been deteriorating.
The Financial Reporting Requirements Act of 2007 (FRRA) has been a blessing for many American companies. This act was created to provide better transparency to the public and required all publicly traded corporations in the United States to file Financial Reports with information about their business. The goal was that this would help people make an educated decision on whether or not they wanted to invest in a company's stock, but since then, it has become increasingly difficult for these companies to generate Financial Reports without spending more money than they should have too. Aware of new global accounting standards The International Financial Reporting Standards are a set of principles designed by the International Accounting Standards Board. Even the companies that have already been following a new global accounting standard are experiencing major strains. Companies from all over the world are finding it more and more difficult to keep up with the increasing demand f...