Financial Management

Accounting Standards (AS) with IAS, IFRS, Ind AS

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Accounting Standards

Accounting Standards are essential frameworks that dictate how financial transactions and statements should be reported and disclosed by companies. These standards aim to enhance transparency, consistency, and comparability in financial reporting across different organizations and jurisdictions. Over time, various bodies have developed accounting standards to cater to global, regional, and national needs. The key sets … Read more

Generally Accepted Accounting Principles (GAAP)

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Generally Accepted Accounting Principles (GAAP)

Generally Accepted Accounting Principles (GAAP) are a set of standardized guidelines and rules used by companies to prepare and present their financial statements in a consistent, reliable, and comparable manner. GAAP encompasses principles such as revenue recognition, matching, materiality, and full disclosure, ensuring that financial reports accurately reflect a company’s financial position and performance. These principles are … Read more