financial reporting standards

Who Sets Financial Reporting Standards?

Financial reporting standards are set by various standard-setting bodies around the world. The most prominent among them are:
The IASB issues the International Financial Reporting Standards (IFRS), while the FASB issues the Generally Accepted Accounting Principles (GAAP) in the United States. Both sets of standards aim to create a uniform financial reporting framework but have some differences in their requirements and guidelines.

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