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What is IFRS? What does it do and how does it affect business?

Question:

What is IFRS? What does it do and how does it affect business?

Accounting Standard:

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

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IFRS (International Financial Reporting Standards):

The term IFRS is issued by the International Accounting Standards Board, International Accounting...

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What is Financial Accounting? - Definition & Purpose

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Chapter 1 / Lesson 1
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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.


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