Question

What is accounting standard and ifrs 1th in very short note?

Answer 1

IFRS- It stands for international financial reporting standards. It includes international accounting standards, until they replaced by any IFRS and interpretations organised by IFRIC. IFRS are principles based standard rather than rule based..


Accounting standards - - These are rule based standards. These are issued by International Accounting Standards committee from 1973-2001. The international Accounting standards board replaced the IASC in April 2001..Accounting standards are based on Historical concept..