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Introduction to Accounting Principles: Accounting Standards, GAAP, and IFRS

The principles of accounting help in maintaining consistent and uniform accounts. Every body of accounting follows a set of rules and principles which are accepted by accounting professionals. Three most common accounting principles are AS, GAAP, and IFRS. An overview of these principles has been elaborated below. The following topics have been discussed in this … Read moreIntroduction to Accounting Principles: Accounting Standards, GAAP, and IFRS

Accounting Standards (AS)

Accounting Standards (AS) Accounting Standards are written policy documents issued by government or expert accounting body or other regulatory body covering the aspects of measurement, recognition, presentation, treatment and disclosure of accounting transactions in financial statements. Currently, in India, there are 27 Accounting Standards (AS). Objective of Accounting Standards (AS) The objective of Accounting Standards … Read moreAccounting Standards (AS)