What are the accounting standards adopted globally referred to as?

The accounting standards adopted globally are referred to as International Financial Reporting Standards (IFRS). These standards are designed to provide a common global language for business affairs so that financial statements are consistent, transparent, and comparable across different countries.

IFRS are developed by the International Accounting Standards Board (IASB) and have been adopted by numerous countries worldwide, enhancing the quality and comparability of financial reporting in an increasingly interconnected global economy. They facilitate better investment decisions by providing relevant and reliable financial information.

The other choices represent different accounting practices or frameworks. Generally Accepted Accounting Principles (GAAP) refers specifically to the accounting standards used primarily in the United States. International Accounting Standards (IAS) were the predecessor to IFRS and have largely been replaced or integrated into IFRS, though some IAS are still in use. Local Government Accounting Standards (LGAS) are specific to governmental accounting and do not pertain to international financial reporting on a global scale. Thus, IFRS is the most appropriate term for the globally adopted accounting standards.