accounting standard (Meaning)
accounting standard (n)
a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactions
Synonyms & Antonyms of accounting standard
No Synonyms and anytonyms found
accounting standard Sentence Examples
- International Financial Reporting Standards (IFRS) is a globally recognized accounting standard used by many countries for financial reporting.
- The implementation of a uniform accounting standard enhances transparency and comparability among companies.
- The Financial Accounting Standards Board (FASB) sets accounting standards in the United States to ensure consistent financial reporting.
- Compliance with the Generally Accepted Accounting Principles (GAAP) is essential for companies following U.S. accounting standards.
- The adoption of a common accounting standard across industries facilitates a more accurate assessment of a company's financial health.
- The convergence of accounting standards aims to create a harmonized set of rules that can be universally applied.
- The accounting standard requires companies to provide comprehensive disclosures in their financial statements.
- The use of fair value accounting is a significant departure from historical cost accounting under certain accounting standards.
- The International Accounting Standards Board (IASB) plays a key role in setting international accounting standards.
- The transition to a new accounting standard may pose challenges for companies, necessitating careful preparation and training.
FAQs About the word accounting standard
a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactions
No synonyms found.
No antonyms found.
International Financial Reporting Standards (IFRS) is a globally recognized accounting standard used by many countries for financial reporting.
The implementation of a uniform accounting standard enhances transparency and comparability among companies.
The Financial Accounting Standards Board (FASB) sets accounting standards in the United States to ensure consistent financial reporting.
Compliance with the Generally Accepted Accounting Principles (GAAP) is essential for companies following U.S. accounting standards.
