Financial accounting comprises the aspects of accounting that focus on bookkeeping, control of systems, and producing statements of accounts for external users. Financial accountants are involved in recording, classifying, and summarizing transactions and then communicating financial information about the organization. International Accounting Standards Board is an independent standard-setting board which aims to 'provide the world's integrating capital markets with a common language for financial reporting by setting accounting and financial reporting standards'. The main accounting statements for any organization are a statement of financial position and an income statement. The statement of financial position shows a summary of the financial position of an organization on a particular date. The exact contents of a chart of accounts depend on the organization's needs in terms of recording and reporting financial information. The double-entry bookkeeping entries in the general ledger can either be generated from the control accounts or the individual details in the other ledgers.