Define Accounting standard
Posted by Ripon Abu Hasnat on Thursday, May 29, 2014 | 0 comments
Define Accounting standards are
prepared by regulators in order to assist both preparers and users of financial
statements. They usually set out rules, for example, over what may or may not
be treated as an asset in the BS, or they restrict the choice of accounting
policy to very few, or even just one, acceptable accounting basis. Accounting
standards in the UK have to be applied by companies, and by some other entities
such as charities, where there is a public interest in the financial
statements. However, sole traders and partnerships do not need to follow
accounting standards.
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