Celebrate Freedom and save 20% OFF on CAclubindia Pro Subscription! Use code: FREEDOM20

what is accounting standard?

CA CS CIMA Prakash Somani (Landmark Group) (23502 Points)

23 January 2009

what is accounting standard? Basic question !! I want the best answer from all of you !! 
Let see how you define accounting standard in your way. 
Please dont copy and paste but try to put down your own thought about AS.

Reply
Follow
Share

1 Replies

Sandeep Keswani (Tax Consultant) (1064 Points)
Replied 23 January 2009

Accounting Standard is a principle that governs the treatment of accounting transactions as they should appear in the financial statements of an entity, and is approved and monitored by a professional or government body. The basic idea of Accounting Standards is to bring about uniformity in the accounting process and thereby make the financial statements of different entities comparable.