Finansregnskapsstandarder

Finansregnskapsstandarder, often referred to as accounting standards, are a set of rules and guidelines that companies must follow when preparing their financial statements. These standards ensure that financial information is presented in a consistent, comparable, and transparent manner, allowing stakeholders such as investors, creditors, and regulators to make informed decisions.

The primary objective of financial accounting standards is to provide useful information about the financial performance and position of an entity. This includes information about its assets, liabilities, equity, income, expenses, and cash flows. By adhering to these standards, companies create financial reports that are reliable and can be trusted by external parties.

In many countries, the International Financial Reporting Standards (IFRS) are widely adopted. IFRS is issued by the International Accounting Standards Board (IASB) and aims to create a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. In the United States, the Generally Accepted Accounting Principles (GAAP) are the dominant set of accounting standards, developed by the Financial Accounting Standards Board (FASB). While both IFRS and US GAAP aim for similar goals, there are differences in their specific rules and interpretations.

The application of these standards involves complex judgments and estimations. Companies must choose appropriate accounting policies and apply them consistently. Changes in accounting standards can have a significant impact on a company's reported financial results, and therefore, the development and implementation of these standards are closely watched by the business and financial communities. Compliance with financial accounting standards is often a legal requirement.