Why are financial accounting standards important?

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These standards are important because external financial reporting can demonstrate financial accountability to the public. They are the basis for many legislative and regulatory decisions, as well as investment and credit policies.
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The Importance of Accounting Standards
Every responsible company develops and adheres to rigorous accounting standards during the course of its business. In most cases, these accounting standards are consistent with those used by other businesses, or generally accepted accounting principles.... More »
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