Government regulating agencies

Further, both the financial statements prepared using the International Financial Reporting Standards as well as the non IFRS based reports use prepared for the use of stockholders. Also, both the financial statements prepared using the International Financial Reporting Standards as well as the non IFRS based reports are prepared for the use of stockholders. Also, both the financial statements prepared using the International Financial Reporting Standards as well as the non IFRS based reports are prepared for the use of customers.

In addition, both the financial statements prepared using the International Financial Reporting Standards as well as the non IFRS standards are prepared for the use of the creditors. Also, both the financial statements prepared using the International Financial Reporting Standards as well as the non IFRS based reports are prepared for the use of the managers. Lastly, both the financial statements prepared using the International Financial Reporting Standards as well as the non IFRS based reports are prepared for the use of the government regulating agencies(Mcclintock 1996).

Both the financial statements prepared using the International Financial Reporting Standards as well as the non IFRS based reports contain an assets portion. The assets are part of the balance sheet of both types of financial statements. The financial statements are composed of the balance sheet, the income statement and the statement of cash flows of both the IFRS influenced financial statements and the non –IFRS influenced financial statements in both types of balance sheets.

However, the company is not prevented from issuing other financial reports like that would augment and explain in detail these three major parts of the financial statements. The assets shown in these two types of financial statements are the resources of the organization or corporation. These resources are the results of past transactions and events that generate current as well as future benefits to the company. Some of these benefits will bring economic gain to the corporation in the future(Moser 1998, 2).

One essential characteristic of assets in both types of financial statements is that they are under the control and management of the corporation. Another description is that the assets are the results of past business transactions. Another description of assets is that they can be measured. This measurement of the assets’ value could be done in many ways. The assets are divided into current assets and non -current assets.

One part of the current assets section of the balance sheet in both types of financial statements is described as composed cash and cash equivalents. Also, an item is considered as current asset if it is bought solely to be sold to the public. This type of current assets is specifically known as inventory. Inventories in both types of financial statements include buildings or high value equipments that have been bought with the end in mind of selling them to the public at the earliest possible time to generate profits(Moser 1998, 2).

Another description of current assets in both types of financial reports is that such items are expected to be sold or converted to another asset within the organisations’ normal operating cycle. Different business types have different operating cycles. Other examples of current assets in both types of financial statements are trade receivables, office supplies and other prepaid expenses. The Non -current assets portion of the financial statements of both types of financial statements include property plant and equipment, long term investments.

In addition, the intangible assets like goodwill, copyright, secret formulas, franchise form part of the two types of financial statements. Definitely, both the financial statements prepared using the International Financial Reporting Standards as well as the non IFRS based reports contain an assets portion("FASB Considers Measuring Derivatives at Fair Value"). In addition, both the financial statements prepared using the International Financial Reporting Standards as well as the non IFRS based reports contain a liabilities portion.

The liabilities are described as the current obligations listed under both types of financial statements which arise from past business transactions. These obligations are generally extinguished by transferring one of the company’s assets to the creditor. For example,  long term debt can be decreased by paying the supplier the amount that the company has owed for products bought. Liabilities can be described as the present obligation of companies using either the IFRS influenced financial statements or the Non –IFRS influences(Duchac 1998).