Accounting Standards
Accounting Standards are a set of principles, rules, and guidelines established by regulatory bodies to ensure consistency, transparency, and comparability in financial reporting. They govern how financial transactions and events are recorded, measured, and disclosed in financial statements, such as balance sheets and income statements. These standards are essential for maintaining trust among investors, regulators, and other stakeholders in the global economy.
Developers should learn Accounting Standards when building financial software, enterprise resource planning (ERP) systems, or applications that handle financial data, such as accounting platforms, tax software, or investment tools. Understanding these standards ensures compliance with legal requirements, accurate financial reporting, and interoperability with other financial systems, which is critical for industries like banking, insurance, and e-commerce where financial integrity is paramount.