Indian and International

accounting standards
Meaning of Accounting Standards

 Accounting standards are written policy

documents issued by experts accounting
body or government or other regulatories
body covering the aspects of recognition,
measurement , treatment , presentation and
disclosure of accounting transaction in the
financial statement.
Objectives of accounting standards
 To provide a frame work for the preparation of
the financial statements.
 To make financial statement more meaningful
and comparable.
 To harmonies accounting policies and practices
followed by business.
 To standardise the diverse accounting policies.
 To help the auditors in the audit of accounting.
Types of accounting standards
 Disclosure standards- this standards are the uniform
accounting rules requiring disclosure of rules, methods, and assumptions
underlying the preparation of financial statement. Such standards ensure
availability of all material facts to various external groups for their decision
making.
 Presentation standards- this standards are the uniform
accounting rules requiring presentation of accounting information in a
particular form and manner. Such standards facilities easy understanding of
financial statements.
 Content standards - content standards are the uniform rules
specifying the information to be included in financial statements.
International accounting standards