There are several important accounting standards and guidelines that businesses should be aware of in commerce. Some of the key ones include:

1. Generally Accepted Accounting Principles (GAAP): GAAP is the standard framework of accounting principles, standards, and procedures used by companies in the United States to prepare their financial statements. It provides a consistent and reliable basis for financial reporting.

2. International Financial Reporting Standards (IFRS): IFRS is a set of accounting standards developed by the International Accounting Standards Board (IASB) that are used by companies in many countries outside of the United States. It provides a globally accepted framework for financial reporting.

3. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC): The ASC is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities. It provides a structured and organized set of accounting standards.

4. Securities and Exchange Commission (SEC) Reporting: Publicly traded companies in the United States are required to follow specific accounting and reporting guidelines set by the SEC. These guidelines include the filing of regular financial reports such as quarterly and annual reports.

5. Internal Revenue Service (IRS) Regulations: The IRS has specific regulations and guidelines for tax accounting that businesses must adhere to when preparing their tax returns. These guidelines determine how businesses recognize and report income, deductions, and other tax-related items.

6. Cost Accounting Standards (CAS): CAS are a set of accounting standards and guidelines that apply to government contractors. These standards ensure consistency and fairness in the allocation of costs and help ensure that taxpayers receive value for money.

7. International Standards on Auditing (ISA): ISA is a set of auditing standards issued by the International Auditing and Assurance Standards Board (IAASB). These standards provide guidance to auditors on conducting audits and reporting on financial statements.

8. Sustainability Reporting Standards: There are various sustainability reporting standards, such as the Global Reporting Initiative (GRI) Standards and the Sustainability Accounting Standards Board (SASB) standards, which provide guidelines for reporting on environmental, social, and governance (ESG) factors.

It is important for businesses to stay updated with these accounting standards and guidelines to ensure accurate and reliable financial reporting, compliance with regulations, and effective decision-making.