Question

What do you you mean by Accounting Standard?​

Answer 1

Answer:

An accounting standard is a common set of principles, standards, and procedures that define the basis of financial accounting policies and practices.

Answer 2

Explanation:

An accounting standard is a common set of principles, standards, and procedures that define the basis of financial accounting policies and practices. Accounting standards apply to the full breadth of an entity's financial picture, including assets, liabilities, revenue, expenses, and shareholders' equity.