Accounting or accountancy is the measurement, processing, and communication of financial and non financial information about economic entities[1][2] such as businesses and corporations. Accounting, which has been called the "language of business",[3] measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators.[4] Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.

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Generally accepted accounting principles (GAAP) are accounting standards issued by national regulatory bodies. In addition, the International Accounting Standards Board (IASB) issues the International Financial Reporting Standards (IFRS) implemented by 147 countries.[1] While standards for international audit and assurance, ethics, education, and public sector accounting are all set by independent standard settings boards supported by IFAC. The International Auditing and Assurance Standards Board sets international standards for auditing, assurance, and quality control; the International Ethics Standards Board for Accountants (IESBA) [50] sets the internationally appropriate principles- based Code of Ethics for Professional Accounts the International Accounting Education Standards Board (IAESB) sets professional accounting education standards;[51] International Public Sector Accounting Standards Board (IPSASB) sets accrual-based international public sector accounting standards [52]
Donations to qualified charities are eligible for a deduction as well. Cash and check donations are deductible and full, and most gifts of property are also deductible up to their fair market value. The key to claiming charitable deductions is to make sure you get the appropriate acknowledgment from the charity that you made the gift, because you'll need that documentation in order to support your deduction in case you're audited.

Some employers offer different alternatives for workers. For instance, the SIMPLE IRA is easier to administer than a 401(k), making it a popular choice among small businesses. Yet employees can still set aside substantial amounts in a SIMPLE IRA -- up to $13,500 if you're younger than 50 or $16,500 if your 50 or older in 2020. Those numbers are up $500 from last year.


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One consequence of these events was the passage of Sarbanes–Oxley Act in the United States 2002, as a result of the first admissions of fraudulent behavior made by Enron. The act significantly raises criminal penalties for securities fraud, for destroying, altering or fabricating records in federal investigations or any scheme or attempt to defraud shareholders.[75]

Accounting is one of the key functions for almost any business. It may be handled by a bookkeeper or an accountant at a small firm, or by sizable finance departments with dozens of employees at larger companies. The reports generated by various streams of accounting, such as cost accounting and managerial accounting, are invaluable in helping management make informed business decisions. 
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