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Unified Financial Accounting Standards Essay Example | Topics and Well Written Essays - 1250 words

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Unified Financial Accounting Standards - Essay Example

Unified Financial http://buy-essay3.mystrikingly.com Accounting Standards
Indeed, since the modern business takes place in a global market, there is absolute need to define how to do business across all nations (Ingram, & Albright, 2007). As such, various organizations seek to establish different business and financial measures to define the universal manner of doing global business. Financial accounting standards are some of the measures, which all companies must comply with while doing business, assessing their progress, and reporting their success. Financial accounting standards seek to establish fairness, equality, uniformity, accuracy, and transparency in the preparation and presentation of financial statements. As such, financial accounting standards must be clearly understandable and comparable so that the users can apply them effectively. The accounting profession adopted the generally accepted accounting principles, which defines universal reporting principle in the global market (Ingram, & Albright, 2007).