Most of the world's countries and companies use International Financial Reporting Standards (IFRS) for financial reporting, issued by the International Accounting Standards Board (IASB), as they promote transparency and comparability worldwide. The primary exception is the United States, which follows its own Generally Accepted Accounting Principles (GAAP).
What standards are used to prepare financial statements by most of the countries and companies?
Review the verified answer and explanation for this SPSC – Sindh Public Service Commission past-paper question on CampusFin.
Question context
This question is part of 📚 General Knowledge within the broader 🌐 Current Affairs & GK subject and appears in the SPSC – Sindh Public Service Commission preparation collection. Reviewing the answer together with nearby questions helps reinforce the underlying concept and identify how it may appear in competitive exams.