Whois & Analysis for visuallease.com

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries.

They are progressively replacing the many different national accounting standards.

They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external.

The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard setting body whose primary purpose is to establish and improve generally accepted accounting principles (GAAP) within the United States in the public's interest.

The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973.

Accounting software describes a type of application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, general ledger, payroll, and trial balance.

It functions as an accounting information system.

It may be developed in-house by the organization using it, may be purchased from a third party, or may be a combination of a third-party application software package with local modifications.

Accounting software may be on-line based, accessed anywhere at any time with any device which is Internet enabled, or may be desktop based.

It varies greatly in its complexity and cost.

A company, abbreviated co., is a legal entity made up of an association of people, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.

Company members share a common purpose and unite in order to focus their various talents and organize their collectively available skills or resources to achieve specific, declared goals.

Companies take various forms such as: