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Accounting Standard || Principles and Practice of Accounting Paper 1 (CA Foundation Online Classes)

 

Accounting Standard  || Principles and Practice of Accounting Paper 1



In this blog, we are going to discuss Accounting Standard, in accordance with Accounting Paper 1 of, CA Foundation, ICAI latest syllabus.

What Is an Accounting Standard?

An accounting standard is a common set of principles, standards, and procedures that define the basis of financial accounting policies and practices. Accounting standards relate to all aspects of an entity’s finances, including assets, liabilities, revenue, expenses, and shareholders' equity. The main objective of Accounting Standards is to establish standards that have to be complied with to ensure that financial statements are prepared in accordance with generally accepted accounting principles.



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