Several common reporting standards are widely adopted across the globe:
Generally Accepted Accounting Principles (GAAP): GAAP is a common set of accounting principles, standards, and procedures that companies in the United States must follow. International Financial Reporting Standards (IFRS): IFRS is used globally and is designed to bring consistency to accounting language, practices, and statements. Sustainability Reporting Standards: These include guidelines from frameworks such as the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB), which focus on environmental, social, and governance (ESG) factors.