What are the standards of financial reporting?

The 3 financial reporting standards are:

1. International Financial Reporting Standards (IFRS): IFRS is a set of international accounting standards that companies use when preparing financial statements. IFRS is designed to provide a common format for financial statements so that investors can easily compare companies across borders.
2. Generally Accepted Accounting Principles (GAAP): GAAP generally refers to a set of rules and guidelines for financial reporting. These rules and guidelines are designed to ensure that financial reporting is transparent and consistent and that it provides information that is useful to investors and other users of financial information.
3. General Data Protection Regulation (GDPR): The General Data Protection Regulation (GDPR) is a regulation in the European Union in data protection. Under the GDPR, all data controllers must appoint a Data Protection Officer (DPO) and must implement risk management processes and establish an incident response plan. These are intended to help organizations deal with data breaches, protect the personal data of EU citizens, and adhere to principles of data minimization and data accuracy.