A Review on Regulations of Financial Reporting

Abstract

In this essay, we examine and discuss a financial statement preparation technique that helps to prevent creative accounting. The many regulations that have been implemented globally have made it possible for businesses to monitor and document their transactions consistently. As a result, the company's financial reporting continues to be consistent, comparable, and transparent. In many facets of business and society, regulations are essential for maintaining justice and openness. To help businesses prepare financial accounts in accordance with standards, there are a number of frameworks and rules in place for financial accounting.