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Financial Reporting Standards (FRS) are established principles and guidelines used by businesses, accountants, and auditors in preparing, presenting, and interpreting financial statements. These standards ensure consistency, transparency, and comparability of financial information across different organizations, industries, and jurisdictions. FRS encompass accounting principles and auditing principles that govern the recognition, measurement, presentation, and disclosure of financial transactions and events. By adhering to FRS, businesses can communicate their financial performance and position effectively to stakeholders, regulators, and investors, enabling them to make informed decisions.