What type of accounting standards do managers utilize?

1

Can anyone assist me in understanding which accounting standard (IFRS or GAAP) managers utilize?

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The question is irrelevant. Accounting standards prescribe how you must use your accounting knowledge and tools. Manager is just a tool that can be used no matter what standards you follow.

Manager basically adheres to two fundamental accounting principles:

  1. In every transaction, debits must equal credits.
  2. Assets = Liabilities +Equity
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