17 February 2010
Considering me as a lay man, could any one in simple terms explain me what is Accounting standard and how far is it relevant for an accountant maintaining accounts in an organisation.
Accounting standard (AS) is the standard for how to do accounting for various transactions. Simply standard means how to do things practically like manufacturing standards that means how to manufacture a product.
As I explained that is important because you have to know how to feet any transaction in accounting system. How to recognise which a/c debited and which a/c credited.
17 February 2010
For Ensuring uniformity with respect of accounting of different aspects of Financial Statements like Assets, Revenues, liabilities and Expenses, Certain standards are prescibed by ICAI.
17 February 2010
Accounting standards are written documents,policy documents issued by ICAI covering the aspects of recogntion,measurment,treatment,presentation and disclousre of accounting transaction in the financial statement
CAclubindia
