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what is accounting standard?
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Answer Posted / shabbar luqmani
Accounting is the art of recording transactions in the best
manner possible, so as to enable the reader to arrive at
judgments/come to conclusions, and in this regard it is
utmost necessary that there are set guidelines. These
guidelines are generally called accounting policies. The
intricacies of accounting policies permitted Companies to
alter their accounting principles for their benefit. This
made it impossible to make comparisons. In order to avoid
the above and to have a harmonised accounting principle,
Standards needed to be set by recognised accounting bodies.
This paved the way for Accounting Standards to come into
existence.
Accounting Standards in India are issued By the Institute of
Chartered Accountanst of India (ICAI). At present there are
30 Accounting Standards issued by ICAI.
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