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Regulation and cash flow tax- Using the help of recorded publications of accounts, accounting helps the businessmen to pay back the related tax it owes to the government. In addition it acts as proof while in the courtroom of law.
IFRS is a collection of accounting specifications which might be adopted throughout the globe. Global Economic Reporting Expectations is usually a list of policies at a global amount which point out how some transactions can be noted. IFRS helps imp source a firm to make its accounts comparable, trustable and comprehensible.
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