Modern rules of accounting

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Modern rules of accounting refer to the updated guidelines and standards that govern financial reporting.

Modern rules of accounting are based on the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
These rules emphasize transparency, accuracy, and consistency in financial reporting.
They require companies to disclose more information about their financial performance and to use fair value accounting for certain assets and liabilities.
Modern rules of accounting also address issues such as revenue recognition, lease accounting, and financial statement presentation.
Examples of modern accounting rules include ASC 606 for revenue recognition and ASC 842 for lease accounting.

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