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1. On the other hand, International Financial Reporting Standards (IFRS) is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements.
2. This app contains thousands of real exam questions for self learning & exam preparation on the topic of Financial Accounting, IFRS & GAAP.
3. International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
4. While financial accounting is used to prepare accounting information for people outside the organization or not involved in the day-to-day running of the company, management accounting provides accounting information to help managers make decisions to manage the business.
5. Financial accountancy is governed by both local and international accounting standards.
6. Financial Accounting Exam prep uses proven study and test-taking strategies so that you’ll feel confident and ready to go when you have to take the Financial Accounting Exam.
7. Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business.
8. International Accounting Standards (IAS), while standards issued by IASB are called IFRS.
9. IFRS are issued by the International Accounting Standards Board (IASB).
10. IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC).
11. With IFRS becoming more widespread on the international scene, consistency in financial reporting has become more prevalent between global organizations.
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