What Is Accounting Standards?
What Is Accounting Standards?
1 Answer
You must login to add an answer.
Join Commerce Notes today!
Ask questions, share your knowledge and connect with the Commerce Community!
Create A New AccountLost your password? Please enter your email address. You will receive a link and will create a new password via email.
Ask questions, share your knowledge and connect with the Commerce Community!
Create A New Account
Kritika
An 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