There are total of 9 accounting standards. For more details: open the link given below http://members.rediff.com/sumitbond/AStd.htm
29 accounting standard
Typically, every country can have their own set of accounting standards used for private enterprises. However, the three major accounting standards recognized globally are US GAAP, Canadian GAAP (although Canada is switching to IFRS effective January 1st, 2011), and IFRS (which is used by most countries in the world now, excluding USA, which uses US GAAP). *GAAP = Generally Accepted Accounting Principles **IFRS = International Financial Reporting Standards
The situations encountered in the practice of accounting and auditing are too complex and too varied for all specific answers to be set forth in a body of official rules. Therefore, individual accountants must resolve many situations, based upon their general knowledge of accounting, their experience, and their ethical standards-in short, their professional judgment.
The main reason this is done is so there is some level of comparability between companies. There are many different ways that companies could account for different things such as inventory expenses, revenue recognition, leases, assets, etc. Having a set of standards makes it slightly easier to understand what a firm is doing, by limiting what they are allowed to do, conceptually speaking.
There are many accounting software that are simple to use. You can locate them on the internet, but here are just a few; Easy Accounting, Simple Accounting, and Top Accounting.
There are currently 41 IAS and 9 IFRS. Although not all of the ISAs are still used as they superseded by other standards and made outdated.
29 accounting standard
168
37
There are currently 13 IFRS standards...
As per the IASs/IFRSs, so far 30 Indian Accounting Standards have been issued: AS1 - Disclosure of Accounting Policies AS2 - Valuation of Inventories AS3 - Cash Flow Statements AS4 - Contingencies and Events Occuring after the Balance Sheet Date AS5 - Net Profit or Loss for the period, Prior Period Items and Changes in Accounting Policies AS6 - Depreciation Accounting AS7 - Construction Contracts AS8 - Accounting for Research and Development ( Wirhdrawn pursuant to AS26 becoming mandatory ) AS9 - Revenue Recognition AS10 - Accounting for Fixed Assets AS11 - The Effects of Changes in Foreign Exchange Rates AS12 - Accounting for Governement Grants AS13 - Accounting for Investments AS14 - Accounting for Amalgamations AS15 - Employee Benefits AS16 - Borrowing Costs
Typically, every country can have their own set of accounting standards used for private enterprises. However, the three major accounting standards recognized globally are US GAAP, Canadian GAAP (although Canada is switching to IFRS effective January 1st, 2011), and IFRS (which is used by most countries in the world now, excluding USA, which uses US GAAP). *GAAP = Generally Accepted Accounting Principles **IFRS = International Financial Reporting Standards
form_title=Hire a Small Business Accounting Service form_header=An accounting service can take care of your accounting needs and you can focus on running the business. How many employees do you have?=_ How do you keep track of your business accounting currently?=_ What does your company do?=_
There are currently over 360 NFPA codes and standards
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.IFRS is particularly beneficial to large companies that have subsidiaries in different countries. Adopting a single set of global standards simplifies financial reporting, allowing management to use one reporting framework across the whole group. Assessing IFRS Adoption:In late 2012, the IFRS Foundation began working on a comprehensive pro- ject to assess progress toward the goal of global accounting standards, directed by this author. The project has three related objectives:· To develop a central source of information to chart jurisdictional progress toward global adoption of a single set of financial reporting standards· To respond to assertions that many national variations of IFRS exist around the world· To identify how the IFRS Foundation can help countries progress on their path to adoption of IFRS.orGuidelines and rules set by the International Accounting Standards Board (IASB) that companies and organizations can follow when compiling financial statements. The creation of international standards allows investors, organizations and governments to compare the IFRS-supported financial statements with greater ease. Over 100 countries currently require or permit companies to comply with IFRS standards. The International Financial Reporting Standards were previously called the International Accounting Standards (IAS). Organizations in the United States are required to use the Generally Accepted Accounting Principles (GAAP). See also International Accounting Standards Committee (IASC).Read more: http://www.businessdictionary.com/definition/International-Financial-Reporting-Standards-IFRS.html#ixzz2UFsbX1OQ
These standards are important because external financial reporting can demonstrate financial accountability to the public. They are the basis for many legislative and regulatory decisions, as well as investment and credit policies.
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.IFRS is particularly beneficial to large companies that have subsidiaries in different countries. Adopting a single set of global standards simplifies financial reporting, allowing management to use one reporting framework across the whole group. Assessing IFRS Adoption:In late 2012, the IFRS Foundation began working on a comprehensive pro- ject to assess progress toward the goal of global accounting standards, directed by this author. The project has three related objectives:· To develop a central source of information to chart jurisdictional progress toward global adoption of a single set of financial reporting standards· To respond to assertions that many national variations of IFRS exist around the world· To identify how the IFRS Foundation can help countries progress on their path to adoption of IFRS.orGuidelines and rules set by the International Accounting Standards Board (IASB) that companies and organizations can follow when compiling financial statements. The creation of international standards allows investors, organizations and governments to compare the IFRS-supported financial statements with greater ease. Over 100 countries currently require or permit companies to comply with IFRS standards. The International Financial Reporting Standards were previously called the International Accounting Standards (IAS). Organizations in the United States are required to use the Generally Accepted Accounting Principles (GAAP). See also International Accounting Standards Committee (IASC).Read more: http://www.businessdictionary.com/definition/International-Financial-Reporting-Standards-IFRS.html#ixzz2UFsbX1OQ