What are Accounting Standards?

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  3. Accounting Standards

Accounting Standards are the guidelines and standards for financial reporting. A company's financial statements can be prepared using Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). All UK listed companies have been required to prepare their accounts using IFRS for financial years starting on or after 1 January 2005 and public organisations are also obliged to apply IFRS.

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