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What Are Accounting Standards? List Few Advantages?

Answer»

Accounting Standards are rules and criteria of accounting measurement evolved by several accounting standard setting bodies established in developing and developed countries.

  • International Accounting Standard Board (IASB) - International Accounting Standards.
  • Financial Accounting Standards Board (FASB) US Generally Acceptable Accounting Practices (specifically Statements on Financial Accounting Standards).
  • In India Institute of CHARTERED accountants of India Accounting Standards.

The advantages are:

  • Reduces to a reasonable EXTENT eliminates confusing variations in the accounting TREATMENT.
  • Lays down disclosure requirements beyond that required by law.
  • To a limited extent FACILITATES comparison of financial statements globally.

Accounting Standards are rules and criteria of accounting measurement evolved by several accounting standard setting bodies established in developing and developed countries.

The advantages are:


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