The Standards Of Accounting Standards - 830 Words

Accounting standard set has become debatable topics in regards its function in real business. The standards of accounting have been developed throughout years and many countries has applied different accounting standard. However, as business world has become interconnected, there is an urged in need to have one stand-alone of accounting standards that could use worldwide. Therefore, many countries developed convergence of their accounting standard into International Financial reporting standard (IFRS) by International Accounting Standard Boards (IASB). According to Barth et al (2008) International Accounting Standards Committee (IASC) and the next follower the International Accounting Standards Board (IASB) have a goal to develop an International standard of High quality financial reporting standards. The standard is become important in regards to financial statement users that should enhance the transparency and integrity of each account in the statement. The transparency and integr ity have crucial roles towards the effectiveness of capital markets functions, allocation of capital efficiency, and global financial stability and economic growth stability (IASB, 2013). Moreover, Accounting standard has been made for a better measurement and reflect of firm’s economic position and performance. This International standard has become widely used and However, some researches and specially for those involve in world practices believed the accounting standards are not necessary toShow MoreRelatedAccounting Standard : Accounting Standards Essay1118 Words   |  5 PagesAccounting Standard (AS) 2 Inventories constitute a major portion of current assets of an entity. A primary issue in accounting for inventories is the amount of cost to be recognized as an asset and carried forward until the related revenues are recognized. Indian Accounting Standard (Ind AS) 2, Inventories, prescribes the accounting treatment for inventories, such as, determination of cost and its subsequent recognition as expense, including any write-downs of inventories to net realizable valueRead MoreAccounting Standard Of Australian Accounting Standards1140 Words   |  5 Pagesin there financial statements of their company. Australia Accounting Standard Board publish some new accounting standard related to the RDR implementing to review the differential reporting framework. These standards made on 30 June 2010 and implement on or after 1 July 2013. These new standards are:- †¢ AASB 1053 Application of Tiers of Australian Accounting Standards (PDF); and †¢ AASB 2010-2 Amendment to Australian Accounting Standards arising from Reduced Disclosure Requirements. DifferentialRead MoreAccounting Standard And International Accounting Standards Essay1500 Words   |  6 PagesAccounting standard has been introduced after the World War II where every country has its own proper accounting practices such as the United States Generally Accepted Accounting Principles (the US GAAP). As time flies, international trade and foreign direct investment has experience a period of rapid growth where the companies begin to expand their business in a larger scale. Frequent international mergers and acquisitions especially by American corporations to the European companies has createdRead Moreaccounting standards. Introduction to Accounting Standards7282 Words   |  30 Pagesaccounting standards accounting standards Introduction to Accounting Standards Accounting is the art of recording transactions in the best manner possible. Accounting Standards are the policy documents issued by recognized expert accountancy bodies relating to various aspects of measurement, treatment and disclosure of accounting transactions and events. Every country has its own standards. Accounting Standards in India are issued by the Institute of Chartered Accountants of India (ICAI)Read MoreInternational Accounting Standards : Standards1365 Words   |  6 PagesInternational Accounting Standards What are International Accounting Standards? The International Accounting Standards or IASC are accounting standards issued by the International Accounting Standards Board or IASB and its predecessor, the International Accounting Standards Committee or IASC. The International Accounting standards were started in 1966 after a proposal that was presented to create an International Study group that included the Institute of Chartered Accountants of England and WalesRead MoreAccounting Standards And Auditing Standards1602 Words   |  7 Pagesuniformed accounting standards led to public demanding a set of uniformed rules which would prevent similar abuse. In response to these scandals UK accounting organizations created a new body called Accounting Standards Committee with the main task of unifying and standardizing accounting statements. The ASC had managed to publish a set of standards called Statements of Standard Accounting Practices. The ASC had been replaced by the other body in 1990 which was called Financial Reporting Standards CommitteeRead MoreAccounting Standards619 Words   |  2 PagesAccounting standards Across the world, many businesses and markets have adopted the use of the International Financial Reporting Standards (IFRS). People and organizations in the business world are increasingly demanding conformity and this has necessitated the shift from the U.S Generally Accepted Accounting Standards to the IFRS. However, in the United States, there is still much reluctance to adopt this change and these has caused a lot of heated debate on whether the businesses and markets shouldRead MoreAccounting Standard For Lease Accounting Standards Board2220 Words   |  9 PagesIntroduction For many years, the U.S. Financial Accounting Standards Board, FASB, and the International Accounting Standards Board, IASB, have simultaneously worked to find a common standard for lease accounting. The FASB and IASB are committed to bringing all leases onto the balance sheet, much to the dismay of many businesses. After years of deliberation, because of the complexity of the issue, the FASB and IASB have finally broken ground in altering the way leases are accounted for in companyRead MoreImportance Of Accounting Standards For Business Standards951 Words   |  4 PagesImportance of Accounting Standards In this assignment I want to explain the importance of the Accounting standards. As the world economy is becoming integrated and globalization is becoming a universal phenomenon, more and more businesses are getting out of the nationalistic perspective. Today one company have subsidiary companies and plants in many other countries. One of the dilemmas that enterprises face is the increased complexity of financial reporting practices. The lack of comparability ofRead MoreBookkeeping Standards And International Accounting Standards1845 Words   |  8 PagesINTRODUCTION Bookkeeping Standards are utilized as administrative systems for planning of budgetary reports in very nearly all the nations of the world. Bookkeeping Standard are composed approach archives issued by master bookkeeping body or government or other administrative body covering the parts of distinguishment, estimation, treatment, presentation divulgence of bookkeeping exchange in the monetary proclamation. Goal of bookkeeping standard is to institutionalize the differing bookkeeping