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Description
Accounting has been defined in various ways. One of the significant one being is "the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character and interpreting the results thereof." Financial Statements and position contains accounting concepts which requires detail explanation. Here lies the importance of Accounting Standards. Accounting Standards is the written statements issued by institutions of the accounting profession or institutions in which it has sufficient involvement and established expressly for this purpose. For example, in India, Institute of Chartered Accountants of India (ICAI) harmonizes the diverse accounting policies and practices for Indian corporates to follow.
