What is modern rules of accounts?

Question

Accepted Answer

Modern rules of accounts refer to the updated accounting standards and practices that are used in the current business environment.

Modern rules of accounts are based on the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
They emphasize on transparency, accuracy, and consistency in financial reporting.
Modern rules of accounts also include the use of technology in accounting processes, such as cloud-based accounting software and automation tools.
Examples of modern accounting practices include accrual accounting, fair value accounting, and sustainability reporting.
These rules are constantly evolving to keep up with the changing business landscape and regulatory requirements.

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