There are several widely recognized accounting standards that entrepreneurs should be familiar with:
GAAP (Generally Accepted Accounting Principles): Used primarily in the United States, GAAP covers a wide range of accounting practices and principles. IFRS (International Financial Reporting Standards): These standards are used internationally and are designed to bring consistency to accounting practices across borders. FASB (Financial Accounting Standards Board): This organization establishes and improves GAAP in the United States.