Identify the different sources of accounting regulation including company law, local GAAP and IFRS?

IFRS stands for International Financial Reporting Standards. This is a set of accounting standards set by the International Accounting Standards Board (IASB), in London.

GAAP stands for Generally Accepted Accounting Principles and is the standard adopted by the Securities and Exchange Commission (SEC) in the U.S.

Lenders do not have grasp and sense of the running of the various businesses that the borrowers are engaged in.They are contended to let the borrower run their own business, Sources bare followed accounting rules and standards for financial reporting and This is a set of accounting standards set by the International Accounting Standards Board.

The need for and the structure of professional regulation, company law, stock exchange ... Accounting primarily focused on identifying and measuring financial .... GAAP in other countries may be different but thesource of regulation is typically .... By the 1st Januay 2013 the IASB has issued 14 IFRSs