The Guidance Module provides a centralized platform to access critical financial reporting standards and regulatory guidelines. Designed for finance teams, auditors, and compliance professionals, this module enables seamless exploration of accounting principles, ensuring accuracy and compliance with global and regional financial regulations.
Whether you are reviewing revenue recognition, lease standards, or financial disclosures, the Guidance Module simplifies access to essential information with its AI-powered search capabilities and intuitive navigation.
Types of Guidance Documents Available
The Guidance Module includes a variety of globally recognized frameworks to help professionals stay aligned with financial reporting requirements:
1. Accounting Standards Codification (ASC)
ASC represents the U.S. GAAP (Generally Accepted Accounting Principles), providing comprehensive guidelines for financial reporting in the United States.
Key ASC Examples:
ASC 205: Presentation of Financial Statements
ASC 842: Lease Accounting Standards
ASC 606: Revenue from Contracts with Customers
ASC ensures clarity and consistency for businesses operating in the U.S. financial ecosystem, making it essential for U.S.-based corporations and international companies with U.S. operations.
2. International Financial Reporting Standards (IFRS)
IFRS is a globally accepted framework for financial reporting, used by companies in over 140 countries. Developed by the International Accounting Standards Board (IASB), IFRS promotes transparency, comparability, and efficiency in global markets.
Key IFRS Examples:
IFRS 15: Revenue from Contracts with Customers
IFRS 16: Leases
IFRS 17: Insurance ContractsIFRS is particularly crucial for multinational organizations, enabling consistent financial reporting across jurisdictions.
3. International Accounting Standards (IAS)
IAS are the older set of accounting standards that preceded IFRS but continue to play a role in certain financial reporting frameworks.
Key IAS Examples:
IAS 2: Inventories
IAS 16: Property, Plant, and Equipment
IAS 37: Provisions, Contingent Liabilities, and Contingent Assets
While IFRS has largely replaced IAS, many IAS standards remain integral to global financial reporting, particularly in specific regions or industries.
Additionally, consulting firms like EY, Deloitte, PwC, and KPMG provide interpretations of these standards to aid businesses in adhering to the latest regulations. Numero makes it easy to find and analyze these interpretations, helping you stay informed on evolving compliance requirements.
Example: For guidance related to ASC 280, you’ll find interpretations from firms such as Deloitte, EY, FASB, KPMG, and the SEC, all accessible within Numero for in-depth review.
Key Features of the Guidance Module
Search and Filter Options: Use the search bar or filter options to refine results by guidance type, such as ASC, IFRS, or IAS.
AI-Powered Insights: Ask targeted questions, and receive instant, accurate responses using AI-powered search capabilities.
Organized Layout: Guidance topics are presented in an easy-to-navigate format, ensuring you can quickly locate and explore key standards without manual effort.
Comprehensive Coverage: Access a wide range of financial reporting standards, including:
ASC (Accounting Standards Codification)
IFRS (International Financial Reporting Standards)
IAS (International Accounting Standards)
Intuitive User Experience: The clean and organized interface ensures seamless browsing, allowing users to search, read, and analyze complex standards with ease.