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Financial Reporting Standard

From Longman Business DictionaryFinancial Reporting StandardFiˌnancial ˈReporting ˌStandard abbreviation FRS noun [countable usually plural]ACCOUNTING in Britain, one of the rules about how a company’s financial information must be shown, set by the ACCOUNTING STANDARDS BOARD. Similar rules in the US are the GENERALLY ACCEPTED ACCOUNTING PRINCIPLESFinancial Reporting Standard no. 3 requires asset disposals to be separated from other components of the profit and loss account.
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