BCom Financial Accounting Study Material Notes For Accounting Standards
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BCom Financial Accounting Study Material Notes For Accounting Standards
WHAT DO YOU UNDERSTAND BY FINANCIAL ACCOUNTING STANDARDS
Accounting standards are authoritative parameters or measurement units of financial statements or records. When an accountant makes a financial record of any type of trade he follows accounting standards. These standard guides accountants, CA, in making their company’s financial statements. Accounting Standards are the primary source of GAAP.
Accounting standards make for public interest in providing full financial information. Transparency is an important part of the accounting statement. Transparency in the financial accounting statement of any company/trade comes by following accounting principles and accounting standards.
FINANCIAL ACCOUNTING STANDARDS ISSUED BY:
Accounting Standards are issued by the Institute of Chartered Accountants of India (ICIA). ICAI has issued 32 Accounting Standards. These are AS-1 to AS-7 and AS-9 to AS-32 (AS-8 is merged with AS-26).
Nature of Financial Accounting Standards:
Accounting standards like guides which are work with rules and regulations and provide realistic financial accounting records. We can say that accounting standards work in the accounting field as guides, dictators, and service providers.
Need for Financial Accounting Standards:
For the following purposes, accounting standards are needed:
- For bringing uniformity to accounting methods:
- For improving the reliability of the financial statements:
- Simplify the accounting information:
- Prevents frauds and manipulations:
- Helps auditors:
Companies of different sizes or types must prepare income statements, balance sheets, and other financial documents periodically. When their accountants create financial statements or records must have a set of standards to follow. Accounting principles set those standards. (BCom Financial Accounting Study Material Notes For Accounting Standards)
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BCom Financial Accounting Study Material Notes For Accounting Standards