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ContentIs Learning Accounting Worth It?Questions About Accounting TermsCash Flow StatementsConstructing an Income Statement and Balance SheetBest for Self-Employed: Accounting Made Simple The main point here is to understand what you’re doing and be able to read all...

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One well-known alternative is International Financial Reporting Standards (IFRS).In the United States, privately held companies are not required to follow GAAP, but many do. However, publicly traded companies whose securities fall under SEC regulations must use GAAP...