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Is there a difference between accounting standards and accounting concepts?

Accounting Auditing Accounting Standards
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Question added by Yazan Ahmad , programmer , wysada
Date Posted: 2014/04/23
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Muhammad Akram Shahzad Mughal
by Muhammad Akram Shahzad Mughal , Assist. Manager Inventory & Warehouse , KahrPlast Co.

Standards are the Rules and provides guidance as to how to handle specific accounting issues, whereas the concepts are the underlying principles.

Mukkaram Siddique
by Mukkaram Siddique , Finance, Management & Stocks , Amazon Foods Saudi Arabia

Well said by Muhammad Akram Shahzad Mughal .

One is already being used and other can help develop more. :)

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