This refers to the accounting rules and procedures applied to the measurement, valuation and reporting of financial performance.
The International Accounting Standards Board (IASB) is the independent body responsible for setting accounting standards. The IASB issues and maintains accountancy’s International Financial Reporting Standards (IFRS) which set the framework for the production of financial accounts and reports for businesses across the world. In the UK, national standards are set by the Financial Accounting Standards Board (FASB).
Accounting standards is a term normally found in financial reporting and financial reporting.
Explore our learning zone to discover more