Question

Accounting standards are statement prescribed by
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Answer 1

Answer:

Established in 1973, the Financial Accounting Standards Board (FASB) is the independent, private- sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally ...

Answer 2

Accounting standards are statements prescribed by the Institute of Chartered Accountants of India (ICAI).

• The Accounting Standards (AS) are handed out by an accounting body or a regulatory board or occasionally by the government directly. In India, the Indian Accounting Standards are allocated by the Institute of Chartered Accountants of India (ICAI).
• Accounting Standards (AS) are fundamental policy statements. Their major goal is to assure clarity, dependability, consistency, and parity of the financial statements. They do so by formalizing accounting policies and laws of a nation or economy. So the transactions of all corporations will be listed likewise if they follow these accounting standards.
• The fundamental purpose is to enhance the reliability of financial statements. Presently because the financial statements have to be given rise to pursuing the standards the users can depend on them.

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