What does accounting standard mean?
Definitions for accounting standard
ac·count·ing stan·dard
This dictionary definitions page includes all the possible meanings, example usage and translations of the word accounting standard.
Princeton's WordNet
accounting principle, accounting standardnoun
a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactions
Wikipedia
Accounting standard
Publicly traded companies typically are subject to rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders. Some firms operate on the cash method of accounting which can often be simple and straight forward. Larger firms most often operate on an accrual basis. Accrual basis is one of the fundamental accounting assumptions and if it is followed by the company while preparing the Financial statements then no further disclosure is required. Accounting standards prescribe in considerable detail what accruals must be made, how the financial statements are to be presented, and what additional disclosures are required. Some important elements that accounting standards cover include: identifying the exact entity which is reporting, discussing any "going concern" questions, specifying monetary units, and reporting time frames.
Editors Contribution
accounting standard
A legal and agreed standard for financial accounting purposes.
The social enterprise uses a specific accounting standard.
Submitted by MaryC on January 22, 2021
Matched Categories
Numerology
Chaldean Numerology
The numerical value of accounting standard in Chaldean Numerology is: 8
Pythagorean Numerology
The numerical value of accounting standard in Pythagorean Numerology is: 8
Translations for accounting standard
From our Multilingual Translation Dictionary
- معيار المحاسبةArabic
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"accounting standard." Definitions.net. STANDS4 LLC, 2024. Web. 2 May 2024. <https://www.definitions.net/definition/accounting+standard>.
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