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29 accounting standard
The current principle is the FASB (Financial Accounting Standards Board). This standard is the current adopted standard to the USA.
Accounting Standards are the statements of code of practice of the regulatory accounting bodies that are to be observed in the preparation and presentation of financial statements.
Accounting regulations were created to ensure there was a standard for reporting. If there was no standard, then no one would be able to truly assess whether a business was profitable or not.
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What is the Economic consequence of accounting standard-setting
The International Accounting Standards Board is a new accounting standard. Its purpose is to become the global standard of accounting. It has not been fully adopted yet.
29 accounting standard
"Accounting Standards" are what governs various ethical and legal aspects of accounting. It does not "stand" for anything.
The current principle is the FASB (Financial Accounting Standards Board). This standard is the current adopted standard to the USA.
Accounting Standards are the statements of code of practice of the regulatory accounting bodies that are to be observed in the preparation and presentation of financial statements.
Regulations have been implanted over the years to ensure that accounting reports are produced with standard content and in a standard format.
Accounting regulations were created to ensure there was a standard for reporting. If there was no standard, then no one would be able to truly assess whether a business was profitable or not.
Its called SLAS (Sri Lanka Accounting Standards) You can find more info at http://www.icasrilanka.com/Technical/Accounting%20Standards.html
Depending on where you live, Accounting principles will be set as a standard by your local or state accounting regulator. See the related links for more information.
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