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What are Accounting Standards? Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1375 videos|1309 docs|994 tests

FAQs on What are Accounting Standards? Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1. What are accounting standards?
Ans. Accounting standards are a set of guidelines and principles that are used to govern the preparation and presentation of financial statements. These standards ensure consistency, transparency, and comparability of financial information across different organizations.
2. Why are accounting standards important?
Ans. Accounting standards are important as they provide a framework for financial reporting, ensuring that financial statements are prepared in a consistent and reliable manner. This allows investors, creditors, and other stakeholders to make informed decisions based on the financial information provided.
3. Who sets accounting standards?
Ans. Accounting standards are typically set by regulatory bodies or standard-setting organizations in each country. For example, in the United States, the Financial Accounting Standards Board (FASB) sets accounting standards, while the International Financial Reporting Standards (IFRS) are set by the International Accounting Standards Board (IASB).
4. How do accounting standards impact financial reporting?
Ans. Accounting standards provide guidelines on how financial transactions should be recognized, measured, and disclosed in financial statements. By following these standards, companies ensure that their financial information is presented accurately and consistently, enabling users to compare and analyze financial statements across different periods and companies.
5. Are accounting standards the same globally?
Ans. No, accounting standards can vary across different countries. While some countries follow their own national accounting standards, others have adopted the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). However, efforts are being made to converge accounting standards globally to enhance comparability and consistency in financial reporting.
1375 videos|1309 docs|994 tests
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