[Verse 1] When companies report their books each year We need the rules to be crystal clear Three mighty bodies set the stage Writing standards page by page IASB works worldwide you see While FASB serves the US free And IOSCO watches securities [Chorus] Standard setters, making it right IASB, FASB, IOSCO's might Due process keeps it fair and true Exposure drafts and comment periods too Standard setters, hear the call Making financial reporting work for all [Verse 2] The IASB sits in London town With fourteen members of renown From different countries they all come To make IFRS standards for everyone The trustees guide them from above While staff research with care and love Public interest is their only judge [Chorus] Standard setters, making it right IASB, FASB, IOSCO's might Due process keeps it fair and true Exposure drafts and comment periods too Standard setters, hear the call Making financial reporting work for all [Verse 3] FASB protects investors' needs Seven members plant the seeds Of GAAP standards tried and true Research first, then they review Comment letters flood their door Public hearings give us more Transparency is what they're fighting for [Bridge] First they research and analyze Then exposure drafts arise Comments come from far and wide Final standards are our guide This process takes some time to grow But quality is what we know [Chorus] Standard setters, making it right IASB, FASB, IOSCO's might Due process keeps it fair and true Exposure drafts and comment periods too Standard setters, hear the call Making financial reporting work for all [Verse 4] IOSCO brings regulators near To make securities crystal clear Principles and standards they create Help global markets communicate When standards work across each border Financial chaos turns to order [Outro] Three bodies working hand in hand Making standards across the land Due process makes the system strong Financial reporting right not wrong
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