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what are accounting standards nature
accounting standards
The Financial Accounting Standards Board (FASB) is a private organization (within the Financial Accounting Foundation) that issues financial accounting and reporting standards for nongovernmental entities.
Indian accounting standards are developed by Indian board and only applicable in India while international accounting standards are developed by International Accounting standard board and applicable to all countries.
Here is a link to a great paper by from the SEC , outlining the major differences in International Accounting Standards.
The most common accounting standards are the ones that one can find in the Generally Accepted Accounting Principles (GAAP), those are a group of accounting standards very common and widely accepted.
Financial Accounting Standards Board was created in 1973.
what are advantages and disadvantages of harmonisation of accounting standards
National Advisory Committee on Accounting Standards
The Financial Accounting Standards Board (FASB) assumed responsibility for accounting standards and principles in 1973. It is authorized to amend existing rules and establish new ones.
The Governmental Accounting Standards Board (GASB) was organized in 1984 under the auspices of the Financial Accounting Foundation.
29 accounting standard