Accountancy/Financial Accounting

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Financial Accounting is about Financial Reporting.

There 2 mainstream: International Financial Reporting Standards (IFRS) - Used in most countries Generally Accepted Accounting Principles (GAAP) - Used in USA, Canada, India, UK( before 2005)

Many countries use the International Financial Reporting Standards (IFRS), which is established and maintained by the International Accounting Standards Board.

financial accounting also explains the differences in the accounting methods and valuations. Depreciation is accounted for by financial accountants

IFRS

GAAP