Statuatory Account are custom defined for a particular company if it is following its own accounting principles or a separate ledgers for its accounts then statuatory accounts will come in place

where is regulatory accounts are regular accounts which is called as General Chart of Accounts which is already defined.

The Accounting Principles are the assenition rules of accounting and the application of these rules, method & procedures to actual practice of accounting. These Accounting principles have been divided into a. accounting concepts b. accounting conventions.

of accounting principles

The regulatory bodies that govern accounting practices are Securities and Exchange Commission, the American Institute of Certified Public Accountants, the Financial Accounting Standards Board and the Governmental Accounting Standards Board. These regulatory bodies make sure companies file their accounting statements correctly.