Introduction. Keeping The Day-To-Day Business Accounting

1588 WordsFeb 4, 20177 Pages
Introduction Keeping the day-to-day business accounting is not just a necessity but rather, and above all, an obligation. Financial accounting seeks to find answers to recurring questions in a business such as, how much was sold last month, how many people have used the services, and how much to produce to meet the needs of the customers. The financial accounting is a method that helps better organize and manage any business. Accounting is the science that serves to organize all the numeric records of a particular company. Thus, it serves to record all movements of values and quantities. Having said that, it is not difficult to understand that financial accounting is, above all, a tool for managing a business, regardless of its size. This…show more content…
International Accounting Standards Board & International Financial Reporting Standards A brief summary of recent global accounting is needed to understand what the international area standards are and how they work. In 1973 the International Accounting Standard Board (IASB) was created, an independent entity of the private sector. The IASB was created, among other functions, for the preparation and issuance of International Financial Reporting Standards (IFRS). The entity already existed previously, under a different name, but it was until after 1973 that it actually had the strength to organise a movement of change in the accounting aspects at world level. The headquarters of the IASB is located in London, and has the experience of more than 140 different professional accounting entities. According to the website http://www.ifrs.org/About-us/Documents/Who-We-Are-English.pdf the IFRS foundation and the IASB were established in 2001. Overview of the structure of the International Accounting Standards Board (IASB) International Financial Reporting Standards (IFRS) The international financial accounting standards is a non for profit private sector. Their aim is to serve the public interests. With the growing globalisation of business and finance, it has stimulated a standardisation of accounting standards among countries. This measure aims to

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