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How many international accounting standards are there?

In: Accounts Payable [Edit categories]

Answer:

Typically, every country can have their own set of accounting standards used for private enterprises. However, the three major accounting standards recognized globally are US GAAP, Canadian GAAP (although Canada is switching to IFRS effective January 1st, 2011), and IFRS (which is used by most countries in the world now, excluding USA, which uses US GAAP).

*GAAP = Generally Accepted Accounting Principles
**IFRS = International Financial Reporting Standards

First answer by ID2925285880. Last edit by ID2925285880. Question popularity: 2 [recommend question].

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