Financial Reporting Standards (FRS)

Financial Reporting Standards (FRS) are a set of rules and guidelines that businesses follow when preparing their financial statements. These standards ensure that financial information is consistent, accurate, and comparable across different companies and industries. They help stakeholders like investors, lenders, and regulators understand a company's financial health by providing clear and reliable data. FRS covers how to recognize revenue, value assets, and disclose financial details. Overall, FRS promotes transparency and trust in financial reporting, supporting informed economic decisions.