Describe me accounting rules
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Answer / Ravi Dutta
Accounting rules, also known as Generally Accepted Accounting Principles (GAAP) in the United States or International Financial Reporting Standards (IFRS) internationally, are a set of standards, conventions, and practices that companies follow to ensure their financial reporting is clear, consistent, and accurate. These rules govern aspects such as revenue recognition, expense recording, asset valuation, liability classification, and financial statement presentation.
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