Question

what is accounting standard??


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Answer 1

Answer:

Publicly traded companies typically are subject to the most rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders.

Answer 2

Answer:

Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accounting principals( GAAP ).Accounting standards specifies how transactions and other events are to be recognized , measured , presented and disclosed in financial statements.

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