accounting infrastructure

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Definition of accounting infrastructure

Accounting Infrastructure is a set of systems and conventions that directs the functional accounting practice of an enterprise or a professional body under a legal framework and adopted accounting standards. A standard accounting infrastructure ensures the quality of financial reporting for its stakeholders.

Components of a standard accounting infrastructure are:
1. Information producer and users,
2. Information intermediaries,
3. Laws and regulations, and
4. Legal entity that monitors and implements the laws and regulations

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