Global Accounting Standards

Global Accounting Standards are guidelines that ensure financial statements are prepared consistently and transparently across different countries. These standards help businesses communicate their financial health in a way that investors, regulators, and other stakeholders can easily understand and compare. The two main sets of standards are the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). By adhering to these standards, companies enhance trust and facilitate international trade, as everyone is reading the same financial language, reducing confusion and potential fraud.