International accounting standard board is responsible for standards more information at
http://www.iasb.org/Home.htm
kindly show the process of formulating accounting stardards
Start with the International Accounting Standards Board.
International Accounting Standards Board (IASB)
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.
Financial Accounting Standards Board (FASB) and Public Company Accounting Oversight Board (PCAOB)
Regulation of accounting information is aimed at ensuring that users of financial statements receive a minimum amount of information that will enable them take meaningful decisions regarding their interest in a reporting entity. The bodies responsible for these regulations are often statutory agencies such as the Accounting Standards Board, Securities and Exchange Commission and the Stock Exchange. The bulk of this framework is usually contained in Accounting Standards. The Nigerian Accounting Standards Board is the body responsible for the issuance of Accounting Standards in Nigeria. This Board was initially an advisory body responsible for the production of standards that will serve as a guide to Accountants in the preparation of financial statements.
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.
PCOAB Public Company Accounting Oversight Board
Here is a link to a great paper by from the SEC , outlining the major differences in International Accounting Standards.