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Introduction to Accounting Principles: Accounting Standards, GAAP, and IFRS

The principles of accounting help in maintaining consistent and uniform accounts. Every body of accounting follows a set of rules and principles which are accepted by accounting professionals. Three most common accounting principles are AS, GAAP, and IFRS. An overview of these principles has been elaborated below. The following topics have been discussed in this … Read moreIntroduction to Accounting Principles: Accounting Standards, GAAP, and IFRS

IFRS Convergence

Each nation follows its own accounting standards and policies. In any case, in the previous couple of decades, the worldwide monetary situation has changed drastically. Presently there are transnational organizations that work in numerous countries. So now there is a necessity for a standard that can be accepted worldwide. At this point of situation, IFRS … Read moreIFRS Convergence

IFRS ( International Financial Reporting Standards )

What is IFRS? International Financial Reporting Standards (IFRS) are set of standard rules and regulations introduced by the International Accounting Standards Board (IASB). The main objective behind the introduction of IFRS was to increase consistency, transparency and comparability of financial statements around the globe. What is IASB? IASB or International Accounting Standards Board is a … Read moreIFRS ( International Financial Reporting Standards )