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Accounting standards are mandatory because standards specify when and how economic events are to be recognized, measured and displayed. External entities such as banks, investors and regulatory agencies rely on accounting standards to ensure relevant and accurate information is provided about the entity. Accounting standards relate to all aspects of an entity’s finances including assets, liabilities, revenue, expenditures and equity. Specific examples of an accounting standard include revenue recognition, asset classification, allowable methods for depreciation, what is considered depreciable, lease classifications and outstanding share measurement.
Accounting standard settin bodies :
The Financial Accounting Standards Board (FASB)
GovernmentalAccounting Standards Board (GASB)
Accounting Standards are not mandatory the purpose of Accounting Standards is to standardize the diverse accounting policies and practices with a view to eliminate to the extent possible the non-comparability of financial statements and the reliability to the financial statements.
Accounting standard-setting bodies
The International Accounting Standards Board issues IFRS
The International Federation of Accountants (with its International Public Sector Accounting Standards Board - IPSASB) issues IPSAS for Government/Public entities accounting.
The IFRS Foundation
