The acronym for the common rules and standards that companies must follow when preparing its external financial statements is _.?

Genarally IFRS and GAAP is followed for preparation of external financial statments... But rules and standards vary from country to country..

For example, iNDIA follow Inida AS.

Generally accepted accounting principles and framework

If i'm not mistaken, it's IFRS and GAAP (U.S.) 

That must be the preparation of this evidence neutral fully perform without any bias to any party and must prepare for easy on the parties the understanding to take appropriate decisions.