What are accounting standards? Explain any three accounting standards.

Question

Accepted Answer

Accounting standards are guidelines for financial reporting that ensure consistency and transparency in financial statements.

Accounting Standard 1 (AS 1) - Disclosure of Accounting Policies: Requires companies to disclose their accounting policies in financial statements.
Accounting Standard 2 (AS 2) - Valuation of Inventories: Provides guidelines for the valuation of inventories, such as cost formulas and net realizable value.
Accounting Standard 3 (AS 3) - Cash Flow Statements: Mandates the preparation and presentation of cash flow statements to provide information on the cash flows of a company.

Accepted Answer

Accounting standards are guidelines for financial reporting that ensure consistency and transparency in financial statements 
Account standard 9 (AS9 ) : AS 9 is revenue for operation : when revenue records in book they standard say example when good are delivered to customer and consideration received then record revenue on book 
Account standard 15(AS15) :As 15 Employee benefits this stand should apply by an employee in accounting for employee benefit.3 type of employee benefits 1 . Short term employee benefits 2. Post employee benefits.3.other long term employee benefits 
Account standard 25 (AS25): AS25 interim financial reporting.interim period is a financial reporting period shorter than a full financial year 
Internet financial reporting means a financial  report containing either a complete set of financial statements or a set of condensed financial statements for an interim period it's financial reporting is quarterly report and 6 months report

What are accounting standards? Explain any three accounting standards.

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