Accounting Standards
Accounting Standards
Accounting as a language of business tells
financial result or position of enterprises to shareholders or owner by means
of financial statement. If accounting process or system is not proper, than there
are chances that financial statement could be misleading and not showing fair
view. So in order to make accounting or financial statement transparent,
consistent, comparable, adequate and reliable, there is requirement to make
accounting standardize to make accounting principle and policies. Accounting
standard provide framework and standard accounting policies so that financial
statement of different enterprises become comparable.
Meaning
of accounting standard: The accounting standards
are set of guidelines i.e. Generally Accepted Accounting Principles, that are
followed for preparation and presentation of financial statements. They are
accounting rules and procedures relating to measurement, recognition,
treatment, presentation and disclosures of accounting transactions in the
financial statements issued by the council of the institute of chartered
Accountant of india.
v Objective of Accounting Standard
v Benefits of Accounting Standard
v Limitations of Accounting Standard
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