Which Accounting Standards Should Startups Follow?
For startups, the choice of accounting standards often depends on the business's location and the target market for its products or services. Here are some general guidelines:
If your startup operates primarily in the United States, following GAAP is advisable. If your business has international aspirations, adopting IFRS may be more beneficial. Consult with a business consultant or an accountant to determine the best approach for your specific situation.