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What is an Accounting Standard?
For standardizing the accounts done by a company or firm via many accounting practices certain standards are utilized. They are called as accounting standards. GAAP or Generally Accepted Accounting Principles provides protocols for such standards. In this Accounting standards homework help article we discuss the meaning and need to find the accounting standards.
Elaborating Accounting Standards
As our Accounting standards homework help article writers suggest, these standards provide a guideline to the accounting sections and dictates about steps to prepare the
• Financial statements,
• Income statements,
• Business incomes,
• Assets and liabilities etc.
Need of Accounting Standards
Accounting standards homework help article team have compiled the following requirements for adopting these standards. The need of accounting standards can be derived from the following
1. It recognizes measures and displays the economic events as per their occurrence and reasons for their occurrences.
2. External agencies like banks and funding sponsors need a base to rely on to ensure that the information about the entity is relevant and genuine.
3. It binds all the entities of accounting such as liabilities, assets, revenues and expenditures into one single thread.
4. It helps in revenue recognition, classification of assets, and provides many remedies for depreciation.
As our Accounting standards homework help team experts suggest, the very first set of accounting standards were derived in the early 1930’s. Generally established for public entities, they were later indulged in securities act too.
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