what is accounting standard?
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Answer Posted / ketan singh
IN THE DAY TO DAY LIFE THERE ARE MANY KIND OF TRANSACTIONS TAKING PLACE AND EACH OF THESE TRANSACTIONS HAVE A DOUBLE ENTRY IN THE BOOKS OF ACCOUNTS.IN ACCOUNTS THERE ARE MANY WAYS THROUGH WHICH THESE CAN BE TREATED EG. SOME MAY CONSIDER THE VALUE OF A PARTICULAR MACHINE ON MARKET VALUE INSTEAD TAKING IT BOOK VALUE WHICH MAY SHOW THE PROFITS HIGHER ETC.THE ACCOUNTING STANDARDS ARE A SET OF GUIDELINES AND RULES FOLLOWED BY THE ACCOUNTANTS OF A COUNTRY TO BRING PARITY IN THE ACCOUNTS OF A FIRM TO BE ESTIMATED PROPERLY.
THESE ACCOUNTING STANDARDS VARY FROM A BIT FROM COUNTRY TO COUNTRY .
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