Types of Accounting standard,There are several types of accounting standards, including:
1.International Financial Reporting Standards (IFRS):
These are a set of accounting standards developed and maintained by the International Accounting Standards Board (IASB). They are use by companies in more than 140 countries, including India, to prepare their financial statements.
2. Generally Accepted Accounting Principles (GAAP):
These are a set of accounting principles, standards, and procedures that are widely accept in the United States. They are issued by the Financial Accounting Standards Board (FASB) and provide guidance on how companies should prepare and present their financial statements.
3. Indian Accounting Standards (Ind AS):
These are a set of accounting standards issue by the Institute of Chartered Accountants of India (ICAI) that are base on IFRS. They are mandatory for certain companies in India, including listed companies and companies with a net worth of over Rs. 250 crore.
4. Cost Accounting Standards (CAS):
These are a set of standards issue by the Ministry of Corporate Affairs in India that provide guidance on the principles and methods of cost accounting. They are applicable to certain industries and aim to ensure consistency and accuracy in the determination and allocation of costs.
5. Generally Accepted Cost Accounting Principles (GACAP):
These are a set of cost accounting principles and standards that are widely accepted in the United States. They are issue by the Cost Accounting Standards Board (CASB) and provide guidance on how companies should determine and allocate costs.
It is important for businesses and accounting professionals to stay updated with the relevant accounting standards and comply with them to ensure accurate and consistent financial reporting.
To visit: https://www.mca.gov.in/
