What is IFRS? What does it do and how does it affect business?
Financial accounting standards define accounting guidelines to be followed for financial reporting. The financial accounting standards effectively promote transparency and accuracy in financial reporting.
Answer and Explanation: 1
IFRS (International Financial Reporting Standards):
The term IFRS is issued by the International Accounting Standards Board, International Accounting...
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fromChapter 1 / Lesson 1
Financial accounting functions to give data about a company's financial standing to outside people so they can make decisions. Explore the definition and purpose of financial accounting and discover the meanings of double-entry bookkeeping, financial statements, and the acronyms GAAP, FASB, and SEC.