What do you mean by accounting standards? Explain the procedure for setting indian and international accounting standards?
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INVESTING FINANCIAL ANALYSIS
Accounting Standard
REVIEWED BY WILL KENTON
Updated May 22, 2018
What is an Accounting Standard
An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. In the United States, the Generally Accepted Accounting Principles form the set of accounting standards widely accepted for preparing financial statements. International companies follow the International Financial Reporting Standards, which are set by the International Accounting Standards Board and serve as the guideline for non-U.S. GAAP companies reporting financial statements.
Accounting Standard
REVIEWED BY WILL KENTON
Updated May 22, 2018
What is an Accounting Standard
An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. In the United States, the Generally Accepted Accounting Principles form the set of accounting standards widely accepted for preparing financial statements. International companies follow the International Financial Reporting Standards, which are set by the International Accounting Standards Board and serve as the guideline for non-U.S. GAAP companies reporting financial statements.
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