Crime Against Humanity: the Holy GAAP, 12

Further step, the European Commission incorporates all the IAS/IFRS in a single legal text:
“Official Journal of the European Union No L 320 of 29 November 2008, COMMISSION REGULATION (EC) No 1126/2008 of 3 November 2008, adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council
The Commission of the European Communities, […]Whereas: […]
(3) The different international standards have been adopted by a number of amending regulations. This causes legal uncertainty and difficulty in correctly applying international accounting standards in the Community. In order to simplify Community legislation on accounting standards, it is appropriate, for the sake of clarity and transparency, to incorporate in a single text the standards presently contained in Regulation (EC) No 1725/2003 and the acts amending it. […] has adopted this regulation:
Article 1: The international accounting standards, as defined in Article 2 of Regulation (EC) No 1606/2002, shall be adopted as set out in the Annex hereto.”

If the where we’re going to investigate is these IAS/IFRS, the what we’re going to investigate is accounting; so before you start yawning out of either boredom or incomprehension let’s make clear that fortunately what we’re interested in is basic, and it’s simple.
The law requires any company to periodically disclose its business affairs in a public knowledge form called financial statement, made up of a few accounting statements, whose main two are called balance sheet and income statement. Both in their essence are so basic, simple and useful that can be freely used by any individual, group, or activity, not just compulsorily by companies; so here I’ll use the same convention used in the IAS and I will call “entity”, rather than “company”, that which draws up these documents.

Crime Against Humanity: the Holy GAAP