Accounting Standards
"Accounting Standards" refer to the comprehensive set of principles, rules, and practices that govern the preparation and presentation of financial statements within a given jurisdiction. These standards are designed to ensure consistency, transparency, and comparability in financial reporting across different organizations, industries, and time periods. They encompass various aspects of accounting, including revenue recognition, balance sheet item classification, and disclosure requirements, among others. By establishing a common framework for financial reporting, Accounting Standards enable stakeholders such as investors, creditors, and regulators to make informed decisions based on reliable and comparable financial information.
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