Accounting Standards
About Accounting Standards
An
accounting standard is a common set of principles, standards, and
procedures that define the basis of financial accounting policies and
practices. Accounting standards improve the transparency of financial
reporting in all countries. In the United States, the Generally Accepted
Accounting Principles form the set of accounting standards widely
accepted for preparing financial statements. International companies
follow the International Financial Reporting Standards, which are set by
the International Accounting Standards Board and serve as the guideline
for non-U.S. GAAP companies reporting financial statements.
Why is Accounting Standards important?
Accounting
standards ensure the financial statements from multiple companies are
comparable. Because all entities follow the same rules, accounting
standards make the financial statements credible and allow for more
economic decisions based on accurate and consistent information.
Accounting Standards help the market by
• Consistency
• Fair Estimates and Valuations
• Accurate Reporting
• Independence
• Appropriate Consideration
Who should take the Accounting Standards Exam?
• Accounting or Finance professionals
• Business owners
• Entrepreneurs
• Anyone who wants to assess their Accounting Standards skills
• Accounting or Finance managers and senior executives
• Sales consultants
• Professionals working in outsourced companies responsible for Accounting Standards
• Any professional with skills and knowledge of Accounting Standards
• Anyone interested in Accounting Standards
• Anyone who wants to learn Accounting Standards
• Students
Accounting Standards Certification Course Outline
1. Accounting Standards Basics
2. IFRS
3. GAAP