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What do you mean by accounting standards? Explain the procedure for setting indian and international accounting standards? |
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Answer» NG FINANCIAL ANALYSISAccounting StandardREVIEWED BY WILL KENTON Updated MAY 22, 2018What is an Accounting StandardAn 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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