I’m preparing my company’s annual accounts and came across various accounting standards. How do these standards influence the preparation and presentation of financial statements?
Answer by: abdullah-al-naim
2 months ago
Accounting standards for annual accounts, such as UK GAAP (Generally Accepted Accounting Practice) or IFRS (International Financial Reporting Standards), provide a framework for preparing financial statements, ensuring consistency, transparency, and comparability. Adhering to these standards is essential for legal compliance and helps stakeholders make informed decisions based on reliable financial information.
For your better comprehension, consult with an expert.
