An accounting framework is a set of principles, rules, and guidelines that provide the foundation for accounting standards and practices. It outlines the key concepts and assumptions that underlie the preparation and presentation of financial statements, including the methods and procedures for measuring, recording, and reporting financial transactions. The most widely recognized accounting framework is the Generally Accepted Accounting Principles (GAAP), which is used by companies in the United States. Other countries have their own accounting frameworks, such as the International Financial Reporting Standards (IFRS).