accounting standards

Who Sets Accounting Standards?

Different bodies across the globe are responsible for setting these standards. The most prominent among them are:
International Financial Reporting Standards (IFRS) - Issued by the International Accounting Standards Board (IASB), these standards are used in many countries worldwide.
Generally Accepted Accounting Principles (GAAP) - These are primarily used in the United States and are issued by the Financial Accounting Standards Board (FASB).

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