GAAP is generally an accounting rule that helps an organization to keep, maintain, present, organize and report the financial statement of the company. They are basically used in the United States. It is the accounting standards that help to keep track of financial data.
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Basically, it is the international accounting framework which consists of rules required to be followed to properly organize and report financial information.
IFRS rules are issued by the London based International Accounting Standards Board (IASB).
IFRS requires businesses to report their financial results and financial position using the same rules, this helps in barring any fraud or manipulation.
Sometimes SMEs also don’t use a proper accounting system and try to record transactions on their own.
It can work in the beginning; however, it can cause problems afterwards when your business will get to the stage where it’s time to expand, open a new location or build out a team, a lack of financial records will make things difficult.Bookkeeping Services in Kuwait:If you’re suffering from these problems and looking for an Accounting Firm in Kuwait, Alkhuzam and Co. – Morison KSi has the solutions to all of these problems and provides an accounting software specifically designed for Bookkeeping services in Kuwait for SMEs.
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