UAFRS stands for Uniform Adjusted Financial Reporting Standards. Often referred to as “Uniform Accounting” or “Uniform Financial Reporting.”
UAFRS is an alternative set of standards for financial reporting aimed at creating more reliable reporting of corporate financial activity.
UAFRS does not require management teams to restate their financials. Instead, it adjusts the reported financial statements to create as consistent report of financial activity as possible, free of distortions from changing or inconsistent financial reporting policies from year to year or across firms.
The term “uniform” suggests that all financial reporting rules should be made consistent for analysis of financial reports. This desired uniformity reflects that GAAP and IFRS financials are an antithesis to uniformity in financial statement reporting.
This specifically highlights the extensive research and documentation of the inconsistencies, misclassifications of categories and terminology, and lack of reliability of as-reported financial statements under GAAP and IFRS. (Generally Accepted Accounting Principles in the United States and International Financial Reporting Standards.)
The term “adjusted” suggests that the process of achieving UAFRS is by adjusting the as-reported financial statements by disassembling and then re-building the financial statements with an entirely consistent set of accounting rules.
More detailed disclosure of financial activity by management is desirable, however it is not necessary to achieve significant benefits from simply adjusting the as-reported GAAP and IFRS financial statements into UAFRS-based financial statements.