Accounting standards in brief, Accounting Basics

Accounting Standards 

  • The flexibilities offered by a choice of accounting treatments distinctly diminish, and even distort the comparability of relevant information in the financial statements. Pressures on the accounting profession to establish uniform accounting standards, led to evolution of 'Accounting Standards' (AS) as used in India and as 'Generally Accepted Accounting Principles' (GAAP) in the United States of America.

  • The International Accounting Standards Committee was formed to develop worldwide accounting standards, called International Accounting Standards (IAS), to alleviate the problems faced by multinational companies having to comply with multiple Accounting Standards.

  • An Indian company incorporated under the laws of a jurisdiction outside of the United States is called as 'foreign private issuer' in the US. Indian issuers must file an annual report on Form 20-F with the SEC within six months after the end of its fiscal year. Form 20-F contains detailed financial and
    non-financial disclosure requirements.

  • Though there is basic similarity in accounting principles throughout the world, Indian Accounting Standards, and International Accounting Standards differ in some respects from USGAAP.

Posted Date: 8/29/2012 8:01:11 AM | Location : United States







Related Discussions:- Accounting standards in brief, Assignment Help, Ask Question on Accounting standards in brief, Get Answer, Expert's Help, Accounting standards in brief Discussions

Write discussion on Accounting standards in brief
Your posts are moderated
Related Questions
exploration costs for mining companies are assts

Question 1: What are the kinds of inventory? Transaction inventory Speculative inventory Precautionary inventory Question 2: Explain in brief the invent

What do the "transfer" items in the notes to the financial statements relate to? (in the capital assets section; Plant, property & equipment and Intangible assets

Q. Show Periodicity concept? As per to the periodicity (time periods) concept or assumption an entity's life can be meaningfully subdivided into time periods (such as months or

how we can do tds audit

Determine the term - Working capital and current ratio Determining these ratios would help a business determine if will have enough capital to operate and can meet their debts.

The ratio of __________ to __________ is an example of a __________ ratio. A. quick assets; current liabilities; leverage B. cost of goods sold; total assets; asset utilization

On January 1, 2012, Muller Co. borrowed cash from Washington Valley Bank by issuing a $100,000 face value 3-year installment note payable that carried a 7% interest rate. The note

define accounting.Briefly explain the accounting concepts which guide the accountant at the recording stage.

Q. Illustrating the recording of sales returns? Following are two instances illustrating the recording of sales returns in the Sales Returns and Allowances account - Suppose