Resources for Accountants

MBA Financial Accounting Main Focus (Part 5/16) [Video]

Post author By Curator
Post date June 8, 2022

MBA Financial Accounting Main Focus (Part 5/16)

This form of accounting focuses on the summary and reporting of a business’s financial transactions, which involves the arrangement of financial statements available for external reviewers. These reviewers can be anyone from stockholders to banks, employees, suppliers, stakeholders and the general public. Any stakeholder would be a top candidate for reviewing the financial state of a company.

The standard framework for Accounting practices are the Generally Accepted Accounting Principles (GAAP) They include the general guidelines & regulations for accountants to follow when preparing their financial statement. Besides GAAP, there is also the International Financial Reporting Standards (IFRS) that describe how certain types of transactions need to be reported in financial statements. The International Accounting Standards Board issues the IFRS and these guidelines are more prevalent internationally.

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