Accounting Standards

Accounting standards in common way we can say that is the principals or standards or any procedure that is needed in financial accounting terms, policies and practices and these standards plays an important role in accounting process. An accounting standards is set of practices and policies which means the perfect way of bookkeeping and handling the financial accounting records and others functions that are important in accounting. Accounting standards are applicable to all the expenses, revenues, or financial statements and records that are included in accounting process. Accounting standards help in improving the transparency in financial statement records in all the countries and with all the investors. All the international companies follow the international financial reporting standard means IFRS. Because of this they didn't face any kind of problem in accounting policies.

Accounting disclosure policies:- This policy of accounting states proper understanding of the financial statement and records, it is mandatory that all the policies that are included in the preparation or any kind of presentation which includes financial statements must be disclosed. This disclosure is all about this statement.

Inventories Valuation:-This standard provides the accounting standards in detail, and give lots of knowledge about  accounting techniques. This technique is mainly followed by the big businessman and the companies because they have go through their inventory stock periodically while they are preparing a list and when they are maintaining their financial statement record, so that when they have to give order of the stock they can check it easily. Because of this they maintain proper value of the stock and this maintainance is done as a balanced sheet.

Cash Flow Statement:- By the name you are very cleared and the rest we will discuss, the cash flow statement states that every transaction that is done inside or outside the company and any business .The cash statement done when the stock is sold, and all the deals done with investors  are recorded in a file. Every statement is recorded wisely so that, in future you do not have to face the problem.

Error corrections and changes in accounting policies:-As we all know that, no work is completed without doing some mistakes, and accounts is very important in every kind of work so if accountant do any kind of mistakes then they have to be corrected. So, any kind of errors or changes that are needed to be done in accounting policies comes under these accounting standards. By this no kind of error is left behind.

Revenue Recognition:-This accounting teach us very important point of accounting. Revenue recognition recognizes all the profit & loss statement done in any company. For example the how much the sale of goods, and the interest charged per item or sale by this all the sales are recorded in sheet.

Changes in rates of Foreign Exchange Rates:-This deals with the exchange of currency when dealing with the foreign clients. As when business starts we need to collab with foreign clients so we have to deal with countries origin also, after that all the records should also be maintained and some of the taxes that are included in exchanging of currency cut some of the money and all of this should be written in a sheet.

Investment Accounting:-  for starting a business or any company, everyone needs some of the investors who are with them and help them to boost up their work and invest in their business in form of money so that they can recruit employees, and fill up their all the stocks related to their so this accounting standard states that all the records of investors list be maintained, like name of investors, the investments that are done and all the information that are needed in future.

Employee Benefits:- While working in a company, a good company works only well when all the employment needs are completed like giving them some passes for eating in cafeteria, insurance scheme, maternity leave when any employee needs, gratitude leaves, as for example any function is there at any of the employee home so they didn't  have to miss else they can attend. These are some of the things that one have to keep in mind while handling a business or a company.

Taxable Income Accounting:- Taxable income states that how much tax you have to pay and this all is done with the help of your full financial statement as how much you earned with your business according to this your tax amount is decided. This all includes every transaction done in the business whether it is the wages of workers, employment salaries, bonus etc.

Plant, Property and Equipment:- This accounting standard states that the list of accounting treatments or equipments you have and the properties you have made with your business because these all also you have to maintain in your record all this are needed while counting other standards.

So, these are some of the accounting standards that we have discussed so far. Mainly this accounting standards are issued by any of the accounting body and sometimes these are directly issued by the government only. But in our country these are issued by a body named ICAI Institute of Chartered Accountants of India. These accounting standards are important because by these accounting standards transparency is maintained between the investors, dealers and buyers with whom you do your business. Uniformity is maintained as the reports made are periodically, uniformly all the data is maintained so that in future you will not have to face any kind of problem in financial statement. When you are maintaining every transaction record so you have all the knowledge related to business and at the end it helps in prevention of fraud in the business.  Once you are aware of the things happening then no one can do anything wrong. So inshort we can say when you are in accounting job you need to be aware of all the standards and techniques that plays an important role in accounting, because they make the job more easier and fruitfull. 

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• The guidelines decided by the professor for writing assignments are very confusing, so students have problems in writing assessments.
• Students who are not good at mathematics have a lot of difficulty in solving this subject and writing assignments because most of the parts in accounting are mathematics.

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