Accounting Principles:
Accounting principles are the fundamental guidelines and concepts that govern the preparation and presentation of financial statements. They provide a framework for recording, analyzing, and reporting financial transactions. These principles ensure consistency, comparability, and transparency in financial reporting.

Accounting Standards:
Accounting standards, on the other hand, are specific rules and regulations that are derived from accounting principles. They are formulated by accounting standard-setting bodies, such as the International Financial Reporting Standards (IFRS) or the Generally Accepted Accounting Principles (GAAP). These standards provide detailed guidance on how to apply the accounting principles in practice.

Differences:

1. Scope:
- Accounting principles are broad concepts and guidelines that guide the overall financial reporting process.
- Accounting standards are specific rules and regulations that provide detailed guidance on how to apply the accounting principles.

2. Level of Detail:
- Accounting principles are general concepts that provide a framework for financial reporting.
- Accounting standards offer specific rules and guidelines that dictate the detailed procedures and methods for recording and reporting financial transactions.

3. Authority:
- Accounting principles are established by various accounting bodies and are considered to be the foundation of financial reporting.
- Accounting standards are developed by standard-setting bodies, such as the IFRS or GAAP, and have legal authority.

4. Flexibility:
- Accounting principles allow for some degree of flexibility in their application, as they provide a broad framework.
- Accounting standards are more rigid and specific, leaving little room for interpretation or variation.

5. Enforceability:
- Accounting principles are not legally enforceable, but they are widely accepted and followed in practice.
- Accounting standards are legally enforceable in many jurisdictions and must be followed by entities for financial reporting purposes.

In summary, accounting principles provide a general framework for financial reporting, while accounting standards offer specific rules and guidelines for applying those principles. Accounting standards have legal authority and are more detailed and rigid compared to accounting principles.