Answer to Question #33875 in Economics for Ralph Ghazzi

Question

From an accounting perspective, what are the ‘rules of the game’ that businesses must follow?

Answer 1

Today for accounting the majority of the international companies is used by IFRS or GAAP US. IFRS is the conceptual basis most widespread in the world. Elements of accounting of the different countries were used at & the development of IFRS. IFRS have advisory nature. Therefore they consider features of accounting of the companies from the different countries. That's why & IFRS are the ‘rules of the game’ that businesses must follow.