Financial accounting standards that define what constitutes acceptable accounting practice for financial reporting world wide are referred to as:

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IFRS (International Financial Reporting Standards) are the global financial accounting standards used by companies around the world to prepare their financial statements. SFAS (Statements of Financial Accounting Standards) and FASB (Financial Accounting Standards Board) are specific to the United States, while GAAP (Generally Accepted Accounting Principles) is a broader term that encompasses accounting standards accepted in various countries including the US.

Financial Accounting Standards That Define What Constitutes Acceptable Accounting Practice