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Thanks ! for this question


Explanation :-

Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP). Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements. The objective of such standards is to provide financial information to investors, lenders, creditors, contributors and others that is useful in making decisions about providing resources to the entity.

GAAP is generally based on some accounting concepts and conventions such as follows :-

1) Business entity concept

2) Money measurement concept

3) Dual aspect concept

4) Going concern

5) Cost or historical cost concept

6) Accounting year concept

7) Matching concept

8) Realisation concept

Conventions ;-

1) Conservatism

2) Consistency

3) Materiality

4) Full disclosure

...I hope it helps you ! :)