| IASB | International Accounting Standards Board; sets IFRS |
| FASB | Financial Accounting Standards Board; sets US GAAP |
| SEC | Securities and Exchange Commission; enforces financial reporting for US public companies |
| IOSCO | International Organization of Securities Commissions; promotes fair, efficient, transparent markets |
| IFRS | International Financial Reporting Standards; principles-based global accounting standards |
| US GAAP | United States Generally Accepted Accounting Principles; rules-based standards |
| Conceptual Framework | Foundation of accounting standards defining objectives, qualitative characteristics, elements, and assumptions |
| Relevance | Qualitative characteristic: information capable of making a difference in decisions |
| Faithful Representation | Qualitative characteristic: information is complete, neutral, and free from error |
| Comparability | Enhancing characteristic: ability to compare across entities and time periods |
| Verifiability | Enhancing characteristic: independent observers can reach consensus on representation |
| Timeliness | Enhancing characteristic: information available to decision-makers before it loses relevance |
| Understandability | Enhancing characteristic: information presented clearly and concisely |
| Materiality | Information is material if omitting or misstating it could influence decisions |
| Going Concern | Assumption that the entity will continue operating for the foreseeable future |
| Accrual Basis | Transactions recognized when they occur, not when cash is exchanged |
| Historical Cost | Measurement basis: asset recorded at amount paid at acquisition |
| Fair Value | Measurement basis: price received to sell an asset in an orderly transaction |
| Amortized Cost | Measurement basis: initial amount adjusted for amortization of premium/discount |
| Current Cost | Measurement basis: amount needed to acquire equivalent asset today |